Drain chestnuts and place them in a bowl. Cover chestnuts with teriyaki sauce and marinate in the refrigerator for 2 hours or more.
Preheat oven to 350 degrees F (175 degrees C).
Remove water chestnuts from refrigerator and drain well.
Cut bacon strips in half so that strips are about 3 inches long. Wrap each chestnut with bacon and secure bacon closed with a toothpick. Arrange all wrapped chestnuts on a baking sheet.
