In a large mixing bowl, combine softened cream cheese and shredded sharp cheddar cheese, blending until smooth and creamy. Fold in the crumbled bacon and finely chopped jalapeños.

Sprinkle in garlic powder, onion powder, smoked paprika, cayenne pepper, salt, and pepper. Mix thoroughly until evenly distributed.

Use your hands or a small scoop to form the cheese mixture into 1-inch balls, placing them on a parchment-lined baking sheet.

Cover the baking sheet with plastic wrap and chill the cheese balls in the refrigerator for 30 minutes.

Preheat your oven to 375°F (190°C) for baking or heat oil in a deep pot to 350°F (175°C) if frying.

For baking: Lightly spray the cheese balls with cooking oil and bake for 20-25 minutes until golden brown. For frying: Drop cheese balls into hot oil and fry for 3-4 minutes until golden.

Serve the cheese balls warm with your favorite dipping sauces.