In a large bowl, mix together cream cheese, pepper jack cheese, cheddar cheese, jalapenos, bacon, hot sauce and garlic powder.
Shape mixture into balls slightly large than 1-inch. (You should get about 16.)Place on a baking sheet lined with parchment paper and freeze for 30 minutes.
In a bowl, whisk together flour, salt, paprika, and cayenne. Set aside.
In a second bowl, whisk together eggs and water. Set aside.
In a pie plate, combine bread crumbs, Panko crumbs, and salt.
Pour about 1 inch of oil into a Dutch oven. Heat to 350 degrees.
While the oil heats, dip the balls in flour, coat in egg mixture and then coat in bread crumb mixture. If oil is not ready, place them in the refrigerator.
Fry in 2 to 3 batches for about 2 minutes or until golden. Remove with a slotted spoon and place on a paper towel-lined plate.
Serve warm with dressing for dipping.