Add the cream cheese and cheddar cheese to a mixing bowl.
Add the jalapenos and cranberries to a mini food processor. Blitz for about 10 seconds until both are finely chopped.
Add the jalapeno-cranberry mixture to the cream cheese bowl. Add the onion powder and honey. Mix together until everything is well combined. Shape the mixture into a loose ball.
Scatter the bacon bits in a pie plate. Transfer the cheese ball to the bacon bits. Press the bacon bits into the exterior of the cheese ball until it is fully covered.
Wrap the ball in plastic wrap and chill for at least 1 hour up to 48 hours before serving.