In large Dutch oven or large deep skillet on medium heat, add bacon and cook until browned. Remove with a slotted spoon, place on a plate, and set aside.
In the bacon drippings, add the sliced smoked sausage and cook for about 2 to 3 minutes. Remove sausage with a slotted spoon and place on plate with the bacon.
Add diced onion, green and red bell peppers in the drippings along with butter and sauté until soft. Add half of the chopped cabbage and stir into the onion and peppers. Cover for 2-3 minutes, then stir in the remaining cabbage. Cover and continue to cook for another 10 minutes, or until cabbage is tender (stirring occasionally).
Season the cabbage with salt, pepper, onion powder, garlic powder and Cajun seasoning. Stir until completely mixed. Add the sausage and bacon back into the pot with the cabbage. Mix together and serve!