Preheat the oven to 375°F (190°C). Line a baking sheet with parchment paper.
In a bowl, mix together the cream cheese, cheddar cheese, jalapeños, garlic powder, onion powder, smoked paprika, salt, and pepper until well combined.
Butterfly each chicken breast by slicing horizontally through the middle, without cutting all the way through. Spread the cheese mixture onto one side of each chicken breast, then fold the other side over to create a stuffed chicken breast.
Place the stuffed chicken breasts onto the prepared baking sheet. Sprinkle the crumbled bacon on top of each chicken breast.
Bake for 25-30 minutes or until the chicken is cooked through and no longer pink in the middle.
Let the chicken rest for 5 minutes before slicing and serving.