In a small bowl, mix softened cream cheese, shredded cheddar cheese, and diced jalapeños. Set aside.

In a large bowl, combine ground beef, breadcrumbs, beaten egg, smoked paprika, garlic powder, salt, and pepper. Mix until just combined.

Grease a loaf pan. Press half of the meat mixture evenly into the bottom. Spread the cheese and jalapeño filling over the meat layer. Add the remaining meat mixture on top, sealing the edges to enclose the filling.

Preheat oven to 375°F (190°C). Bake for 50-60 minutes, or until the internal temperature reaches 160°F (71°C).

While the meatloaf bakes, whisk together ranch dressing, sour cream, and chopped parsley in a small bowl.

Let the meatloaf rest for 5-10 minutes after baking. Slice and serve with a generous drizzle of creamy ranch sauce.