Mix cream cheese, Monterey Jack, cheddar, jalapeños, and ranch mix in a large bowl until combined.

Form 1-inch balls on a parchment-lined baking sheet; freeze 15 minutes to firm.

Set out three shallow bowls: flour, beaten eggs, and panko.

Roll balls in flour, dip in egg, then coat thoroughly with panko.

Heat oil in a deep pot to 350°F; fry in batches 2-3 minutes until golden brown.

Remove with slotted spoon; drain on paper towels. Serve hot with ranch for dipping.