Preheat the oven to 375°F (190°C).
In a large bowl, mix the cream cheese, shredded cheddar cheese, diced jalapenos, garlic powder, onion powder, paprika, salt, and pepper until well combined.
Cut a pocket into each chicken breast by slicing it horizontally, being careful not to cut all the way through.
Stuff each chicken breast with the jalapeno cheese mixture, securing with toothpicks if necessary.
Heat olive oil in a large oven-safe skillet over medium-high heat. Sear the stuffed chicken breasts for about 3-4 minutes on each side until golden brown.
Transfer the skillet to the preheated oven and bake for 20-25 minutes, or until the chicken is cooked through (internal temperature should reach 165°F).
Remove from the oven and let rest for 5 minutes before serving. Garnish with chopped cilantro.