In a small bowl, combine the soy sauce, brown sugar, and orange juice. Add the scallops and toss to combine. Cover and marinate in the refrigerator for at least 30 minutes, up to 1 hour.
Preheat the oven to 425°F with a rack in the center position. Set a metal cooling rack inside a large rimmed sheet pan.
Working one at a time, lay a piece of bacon flat and add a water chestnut to the center. Tightly wrap the bacon around a scallop and water chestnut, overlapping the ends slightly. Pierce the overlapping bacon with a toothpick to hold the scallop in place. Place on the cooling rack inside the sheet pan. Repeat with the remaining ingredients.
Bake the scallops for 12 to 15 minutes, or until the bacon is crispy. For extra crispy bacon, turn the oven to broil for the last 2 to 3 minutes.
Meanwhile, make the sriracha aioli. In a small bowl, combine the mayonnaise, sriracha, and lime juice until smooth. Store in the refrigerator for up to 1 week.
Serve the scallops warm with the sriracha aioli on the side.