In a large mixing bowl, combine the softened cream cheese and sour cream. Mix until smooth and creamy.
Add in the shredded cheddar cheese, shredded pepper jack cheese, diced jalapeños, green onions, garlic powder, onion powder, smoked paprika, salt, and pepper. Stir well until all ingredients are fully incorporated.
Transfer the dip mixture into a baking dish, spreading it evenly.
If using panko breadcrumbs, toss them in a bowl with olive oil until they are coated. Sprinkle the panko mixture evenly over the dip in the baking dish.
Place the baking dish in the oven and bake for 25-30 minutes, or until the dip is bubbly and the top is golden brown.
Remove from the oven and let it cool for a few minutes before serving.
Notes
Serve hot with tortilla chips, crackers, or sliced veggies. Garnish with additional chopped green onions for a pop of color!