Preheat the oven to 400 degrees F and line a baking sheet with parchment paper.
In a mixing bowl, combine the softened cream cheese, shredded cheddar cheese, crumbled bacon, chopped cilantro, garlic powder, and onion powder until evenly mixed.
Spoon the cheese mixture into each jalapeño half, filling them level with the top edge.
Place the filled peppers on the prepared baking sheet and lightly brush the tops with olive oil.
Bake for 15 to 18 minutes until the peppers soften and the filling turns lightly golden on top.
Remove from the oven and let cool for a few minutes before serving.