In a medium bowl, combine the cream cheese, sour cream and shredded cheese with a rubber spatula or with a hand mixer (if desired).
Add half the diced peppers (reserving half of each colour for coating the cheese ball later), and add the pepper, salt (to taste), and garlic and onion powders, paprika, Worcestershire sauce, and hot sauce.
Stir well to combine and using your spoon or spatula, roll the mixture into a rough ball shape.
Place a large piece of plastic wrap on your work surface and add the cheese ball onto the plastic wrap. Using the plastic wrap, roll the cheese ball into a smooth ball shape wrapping it tightly in the plastic.
Chill the cheese ball in the fridge for 2 hours or overnight (overnight is best).
Before serving, remove the cheese ball from the plastic wrap and roll it in the chopped pecans and the remaining diced red and green peppers until the cheese ball is covered evenly with the chopped pecans.
Serve immediately on a platter with your favourite crackers, pretzels, baguette slices, or veggies.