Preheat your oven to 375°F (190°C).
In a mixing bowl, combine the softened cream cheese, shredded cheddar cheese, garlic powder, onion powder, salt, and pepper. Mix until well combined and creamy.
Using a sharp knife, carefully create a pocket in each chicken breast by making a cut along the side, without cutting all the way through.
Stuff each chicken breast with an equal amount of the cream cheese mixture.
Wrap each stuffed chicken breast with two slices of bacon. Use toothpicks or kitchen twine to secure the bacon if necessary.
Place the bacon-wrapped chicken breasts in a baking dish. Season the top with paprika and a pinch of salt and pepper if desired.
Bake in the preheated oven for 25-30 minutes, or until the chicken is cooked through and the bacon is crispy.
Once cooked, remove from the oven and let rest for a few minutes. Discard toothpicks or twine before serving.
Garnish with fresh parsley, if desired, and serve warm.