Start by preheating your oven to 350°F (175°C) to ensure an even bake.
In a large mixing bowl, add the softened cream cheese along with the sour cream. Use a spatula or mixer to blend them together until the mixture is smooth and creamy, with no lumps remaining.
To this base, incorporate the shredded cheddar cheese, mozzarella cheese, diced jalapeños, and chopped green onions. Sprinkle in the garlic powder, smoked paprika, and season with salt and pepper. Mix thoroughly until all ingredients are well combined.
Carefully transfer the creamy cheese mixture into a suitable oven-safe baking dish, using a spatula to spread it evenly across the bottom of the dish.
In a separate bowl, combine the panko breadcrumbs with the olive oil. Stir well until the breadcrumbs are fully coated in oil.
Sprinkle the prepared breadcrumb mixture evenly over the top of the dip.
Place the baking dish in the preheated oven and bake for about 25-30 minutes, or until the dip is bubbling and the top has turned a delightful golden brown.
Once out of the oven, allow the dip to cool for a few minutes before serving.
Notes
Serve warm with tortilla chips or baguette slices, and garnish with green onions or jalapeño slices.