Add 1 cup water to a medium pot, set a steam basket inside, and bring water to a boil. Add asparagus, cover, and steam until tender, about 6 minutes. Remove asparagus from steamer and set aside.
Coat a medium skillet with cooking spray and heat over medium heat. Add bacon and cook until brown and crisp, about 4 minutes per side. Transfer bacon to a paper-towel-lined plate; let cool, then cut into thin strips.
Add asparagus to the same skillet with the bacon drippings and place over medium heat. Add lemon juice, salt, pepper, and bacon strips and toss to combine. Reduce heat to medium-low and cook for 1 minute.