Preheat oven to 350°F and generously grease a large baking sheet.
Arrange round meatballs on baking sheet so that they do not touch and bake for 15 minutes.
Shake pan to loosen meatballs or use a spatula. Bake another 10 - 15 minutes until meatballs are beginning to brown on the outside and cooked on the inside.
Sauce
Heat chili sauce and jelly in a saucepan, stirring constantly until jelly is melted. Pour over meatballs and serve warm.