Bayly was born on February 19, 1965 in Lima, Peru. He was raised in Lima and in Florida. He studied at Markham College, at Colegio San Agustín of Lima, and at Pontificia Universidad Católica del Peru. Bayly was married to Sandra Masías from 1993 until they divorced in 1997. He married Silvia Nuñez del Arco in 2011. He now lives in Miami, Florida.