Prepare the Base: In a large mixing bowl, combine the softened cream cheese and sour cream. Mix until smooth and creamy.
Incorporate the Flavors: Gradually stir in the shredded cheddar cheese, crumbled bacon, ranch dressing mix, green onions, garlic powder, and onion powder. Mix until evenly combined.
Shape the Cheese Ball: Gather the mixture and shape it into a ball using your hands. If the mixture is too soft, refrigerate for 10–15 minutes to firm it up.
Add the Coating: Spread the chopped pecans or walnuts (if using) on a flat plate. Roll the cheese ball in the nuts until fully coated.
Refrigerate: Wrap the cheese ball in plastic wrap and refrigerate for at least 1–2 hours or overnight to allow the flavors to meld and the ball to firm up.
Serve: Before serving, garnish with fresh parsley if desired. Serve with crackers, fresh vegetables, or breadsticks.