Grate the pepper jack and cheddar cheese. Set aside.
Peel shrimp and season with cajun seasoning. Set aside.
Cook bacon and roughly chop. Set aside.
Seed the red pepper and jalapeno. Chop the peppers and onions.
Boil 1 ½ cups of chicken stock. Add grits and boil for 2-3 minutes. Reduce heat and stir in the pepper jack, cheddar and mascarpone. Stir in a tablespoon of butter. Set aside and keep warm.
Heat 1 cup of chicken stock in a separate pan.
Heat oil and 1 tablespoon of butter over a medium-high heat. Add the shrimp and cook for 1-2 minutes per side. Remove the shrimp from the heat and set aside.
Add the bacon, onion, red pepper and jalapeno and cook over high heat until they begin to soften. Add the tomato paste and stir for about a minute. Stir in the hot chicken stock and hot sauce to taste.
Add the shrimp to the mixture and cook until shrimp are cooked through, another 2-3 minutes. Add lemon juice.
Serve by spooning the shrimp mixture over the grits. Chop the green onion for garnish.