Bring a pot of salted water to boil. Add pasta and cook until al dente, 10 minutes or as package label directs. Drain.
Meanwhile, cook bacon in a large skillet over medium-high heat, stirring often, until crisp, about 8 minutes. Drain off all but 2 Tbsp. fat in skillet, add garlic and chili powder and stir for 30 seconds. Add broth, beans, corn and tomatoes, bring to a boil, reduce heat to medium-low and simmer, stirring occasionally, until heated through, about 3 minutes.
Add pasta to skillet, tossing to coat. Season with salt and pepper. Sprinkle with chopped cilantro and shredded Cheddar, if desired, and serve with lime wedges on the side.