Heat a non-stick pan or skillet over medium heat. Lay the bacon flat in the pan. Cook on both sides until crispy (or to your liking). Set aside on paper towels (reserve the bacon grease).
Spread the cream cheese on each slice of bread. Place 1 slice of cheddar cheese on 1 slice of bread and 1 slice of Monterey Jack on the other (each sandwich will have both kinds of cheese). Layer the jalapenos and bacon onto each sandwich.
Heat a non-stick pan or skillet over medium-low heat. Add a little of the reserved bacon grease to the pan as needed and place the sandwiches in the pan (in batches if needed). Cover with a lid and cook on both sides until golden brown and the cheese is nice and melty.
Cut in half and serve with chips, pickle, and ranch for dipping (if desired).