In a large skillet over medium heat, cook the chopped bacon until crisp. Transfer with a slotted spoon to a paper towel-lined plate and set aside. Drain the pan, leaving 1 tablespoon of bacon fat.
Add the onion to the skillet and cook for 3–5 minutes, or until softened. Stir in the garlic and cook for 1 more minute.
Add the ground beef and cook 5-8 minutes, breaking it apart, until fully browned. Drain any excess fat.
Stir in the diced jalapeños and cook for 1–2 minutes until slightly softened.
Reduce the heat to medium-low. Pour in the chicken broth, cream cheese, 1 cup of cheddar, and 1 cup of Monterey Jack. Stir until melted and creamy.
Add ranch seasoning, paprika, salt, pepper, and the reserved bacon. Stir to combine evenly.
Gently fold in the cooked rice until fully incorporated.
Top with the remaining cheese and cover the pan until melted (about 5 minutes). For an extra golden, bubbly top, place the casserole under the broiler for 2–3 minutes, watching closely so the cheese doesn’t burn.
Garnish with sliced green onions just before serving.