In a large mixing bowl, thoroughly blend cream cheese with cheddar cheese until creamy and smooth. Fold in salsa, green onions, and bell peppers, mixing well.

Transfer the mixture onto a large piece of plastic wrap and shape it into a log. Secure the ends of the plastic wrap.

Place the wrapped cheese log in the refrigerator for at least 2 hours, or ideally overnight.

After chilling, unwrap the cheese log and slice into thick rounds. Serve alongside crackers or vegetable sticks.