Mash cream cheese with fork until smooth. Stir in Parmesan cheese, garlic and chili powder. Stir in Cheddar cheese. Stuff 1 tsp of mixture into jalapeno half. Top with matching half. Wrap with bacon half and secure with toothpick. Preheat your George Foreman Grill for 5 minutes with the lid closed on the highest setting.
Place on grill and cook, covered, turning occasionally, for 6 to 8 minutes or until bacon is lightly golden. Reduce heat to medium-low. Continue to cook, covered, for 5 to 7 minutes or until filling starts to ooze and pepper is tender.
Tip: Serve with sour cream or salsa, if desired.