In a large mixing bowl, combine the softened cream cheese, shredded cheddar cheese, crumbled bacon, diced jalapeños, garlic powder, onion powder, smoked paprika, and black pepper. Mix until all ingredients are well incorporated.
Using your hands, form the mixture into small balls, about 1 inch in diameter. Place the balls on a baking sheet lined with parchment paper.
Once all the balls are formed, roll each one in panko breadcrumbs until fully coated.
Refrigerate the cheese balls for at least 30 minutes to firm up.
Preheat your oven to 400°F (200°C).
Bake the cheese balls for 15-20 minutes, or until they are golden brown and crispy.
Serve warm with ranch dressing for dipping.