In a Dutch oven, cook the bacon over medium heat until crisp. Using a slotted spoon, remove to paper towels to drain. In the drippings, saute onion and carrots until tender. Stir in flour until blended. Gradually add milk and water. Bring to a boil; cook and stir for 2 minutes or until thickened.
Add the potatoes, corn, bouillon and pepper. Reduce heat; simmer, uncovered, for 20 minutes or until potatoes are tender. Add cheese and ham; heat until cheese is melted. Stir in bacon.