Mix the Filling: Preheat the oven to 400°F. In a bowl, thoroughly mix the softened cream cheese, cheddar, diced jalapenos, bacon, garlic powder, and onion powder until smooth.
Layer the Pastry: Unroll one sheet of thawed puff pastry. Spread the cream cheese filling evenly over the top. Lay the second pastry sheet directly over the filling and press gently to seal.
Cut and Twist: Using a pizza cutter, slice the filled pastry into 1-inch wide strips. Pick up each strip and twist it 3 to 4 times.
Egg Wash: Place the twisted strips on a parchment-lined baking sheet. Whisk the egg and water together, then lightly brush the mixture over the top of the twists.
Bake: Bake for 18 to 20 minutes until the pastry is puffed and deeply golden brown. Serve warm.