Preheat the oven to 375°F (190°C) and lightly grease a 9x5-inch loaf pan.
In a small mixing bowl, blend the softened cream cheese with one-third of the diced jalapeños until smooth.
In a large bowl, combine the ground beef, chopped bacon, remaining jalapeños, panko breadcrumbs, eggs, minced onion, garlic, smoked paprika, salt, and pepper. Mix by hand until ingredients are evenly distributed.
Press approximately half of the meat mixture into the bottom of the prepared loaf pan, creating a longitudinal indentation down the center.
Spoon the jalapeño-cream cheese mixture into the indentation, ensuring it does not touch the sides of the pan.
Place the remaining meat mixture on top, pressing firmly around the edges to seal the cream cheese filling completely.
Bake in the preheated oven for 50 minutes.
Spread the shredded cheddar cheese over the top of the meatloaf and return to the oven for an additional 10 minutes, or until the internal temperature reaches 160°F (71°C).
Allow the meatloaf to rest for 10 minutes in the pan before slicing to prevent the filling from leaking.
Drizzle the ranch dressing over the sliced meatloaf and garnish with fresh chives.