Heat oven to 350 degrees and coat an 8-inch-square baking dish with nonstick cooking spray.
Drain red peppers and pimentos and pat dry with paper towels. Roughly chop the peppers and jalapeño (if using) and set aside.
In a large bowl, combine cream cheese, mayonnaise and both cheeses. Add hot sauce, Worcestershire sauce, garlic powder, cayenne and salt, and stir everything together until well combined.
Stir the pimento and pepper mixture into the cheese mixture.
Spoon into the prepared baking dish, and bake for 25 to 30 minutes, uncovered, until bubbly and lightly browned. Serve with Ritz crackers.