In a large mixing bowl, blend cream cheese and mayonnaise until smooth and creamy, about 2 minutes. Add sharp cheddar, jalapeños, red onion, black pepper, and cayenne pepper; stir until combined and set aside.

Using a cookie scoop or your hands, form approximately 1-inch portions of the mixture into balls. Place on a parchment-lined baking sheet and chill in the refrigerator for at least 30 minutes.

In a shallow dish, combine bacon and chives. Once the cheese balls are firm, roll each in the bacon-chive mixture until fully coated.

Return coated cheese balls to the refrigerator for an additional 30 minutes. Serve on a decorative platter.