Wearing gloves, cut each jalapeño in half lengthwise and remove seeds and membranes. (Pro tip: remove all the seeds for milder poppers, or leave some in if you like extra heat!)
In a medium bowl, mix together cream cheese, shredded cheddar, garlic powder, and onion powder until well combined.
Spoon or pipe the cheese mixture into each jalapeño half, filling generously.
Wrap each stuffed jalapeño with a half slice of bacon, securing with a toothpick. Make sure the bacon is snug but not too tight.
Place poppers in a single layer in the air fryer basket, leaving a little space between each one.
Air fry at 370°F for 10-12 minutes, flipping halfway through, until bacon is crispy and golden brown.
Let cool for 5 minutes before serving (that cheese filling gets super hot!). Remove toothpicks and serve warm.