Cook the bacon slices until crisp in a skillet, then crumble into small pieces and set aside to cool.
In a mixing bowl, combine the softened cream cheese, shredded cheddar, smoked paprika, and black pepper until smooth and well blended.
Add the chopped jalapenos and crumbled bacon into the cheese mixture, folding gently to incorporate all flavors evenly.
Using a spoon, scoop out about a tablespoon of the cheese mixture and roll it between your palms to form a tight ball. Repeat with the remaining mixture.
Roll each cheese ball in panko bread crumbs, pressing lightly to coat thoroughly for a crispy exterior.
Preheat your oven to 400°F (200°C). Arrange the coated cheese balls on a baking sheet lined with parchment paper, spacing them evenly.
Brush the tops of each cheese ball lightly with olive oil to promote browning and crispiness during baking.
Bake in the preheated oven for about 15 minutes, or until the exterior is golden brown and crispy, and the cheese inside is starting to melt.
Remove the cheese balls from the oven and let them cool for a few minutes—this helps the centers set slightly and makes them easier to handle.
Serve these smoky, spicy cheese balls warm, allowing the gooey interior to spill out when you bite into them.
