In a large mixing bowl, combine lean ground beef, breadcrumbs, and beaten egg. Add finely chopped onion, finely diced jalapeños, Worcestershire sauce, smoked paprika, and salt and pepper to taste. Mix gently with your hands until just combined.

Fold in softened cream cheese, shredded cheddar cheese, and crumbled bacon into the meat mixture. Ensure even distribution.

Shape the mixture into a loaf and transfer it to a greased baking pan. Bake in a preheated oven at 350°F (175°C) for 45-50 minutes until it reaches an internal temperature of 160°F.

Once baked, allow the meatloaf to rest for 5-10 minutes on a cutting board.

While the meatloaf is resting, warm ranch dressing in a small saucepan over low heat until slightly warmed and pourable.