In a medium bowl, combine softened cream cheese and shredded cheddar cheese, mixing until smooth and creamy. Then, add in diced jalapenos, bacon bits, garlic powder, onion powder, salt, and black pepper. Mix thoroughly until evenly distributed.

Take an egg roll wrapper and place it on a clean surface in a diamond shape. Spoon about 1 tablespoon of the prepared filling into the center of the wrapper. Fold the bottom corner over the filling, then tuck in the side corners securely. Roll tightly, brushing the edges with water or an egg wash to seal completely.

In a deep pan, heat 1 to 2 inches of vegetable oil over medium heat until it reaches 350°F (175°C). Carefully place the egg rolls into the hot oil, frying them for 2 to 3 minutes on each side until golden brown.

Once golden brown, remove the egg rolls from the oil and transfer to a plate lined with paper towels to drain excess oil. Allow to cool slightly before serving with dipping sauces.