Cut jalapenos in half lengthwise and remove seeds. Mix cream cheese, cheddar cheese, garlic powder and onion powder together in a small bowl. Fill jalapeno halves with the cheese mixture.
Wrap each jalapeno half with a slice of bacon and secure with a toothpick.
Place on a baking sheet. Bake in preheated oven for 15 to 20 minutes, or until bacon is cooked.