In a mixing bowl using a spatula, blend together Ricotta and Mascarpone cheese, while pressing mixture along the bottom of the bowl to smooth the mixture. Mix in the powdered sugar.
In a separate mixing bowl using a wire whip, whip the heavy cream until it becomes stiff.
Add half of the whipped cream to Ricotta mixture and gently fold it in until its combined, then add remaining half and fold until combined. Then mix in the chocolate chips.
Scoop the cannoli mixture into the waffle cones and serve.