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Divide the ground chuck into 8 even portions. Shape each portion into about ¾ inch-thick burger. Season both sides of each burger with salt and pepper.
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Heat a tablespoon of the canola oil over medium-high heat. Add 3 burgers and cook until deeply browned, about 3 minutes. Flip over and cook until done, another 4 or 5 minutes.
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Top each burger with a slice of bacon and then a slice of Velveeta. Cover and heat another minute, just until cheese in melted. Remove to plate and repeat with remaining canola oil and burgers.
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To assemble burgers, spread about 1 tablespoon of Kraft Lite Mayonnaise on each bun. Top with bacon and Velveeta-covered burger. Add other toppings as desired.