Slightly defrost the tater tots to allow the toothpicks to go through. Hold a jalapeno slice around a tater tot and then wrap a ½ slice of bacon around and secure it together with a toothpick. Repeat until all of the bacon is used up.
Heat oil in a deep fryer to 375 degrees. Deep fry tater tots in batches for 3-4 minutes or until brown and crispy looking. Drain on paper towels. Repeat until all of the tater tots have been fried.
Immediately sprinkle with cheddar cheese (you can microwave them a little so that the cheese melts better) and serve with ranch on the side.