Preheat your oven to 350°F (175°C).

In a large mixing bowl, combine the softened cream cheese and sour cream and blend until smooth.

Stir in the shredded cheddar cheese, crumbled bacon, drained canned corn, and diced green chilies into the creamy mixture.

Add the smoked paprika, cayenne pepper, diced red bell pepper, and finely chopped green onions to the mixture. Season with salt and black pepper.

Transfer your dip mixture into a 1-quart baking dish and spread it evenly across the bottom.

Place the baking dish in your preheated oven and bake for 20–25 minutes until golden and bubbly.

After baking, remove the dish from the oven and let it cool for a few minutes before serving.