In a large mixing bowl, combine shredded cheddar cheese, softened cream cheese, chopped green onions, chopped nuts, Worcestershire sauce, garlic powder, paprika, cayenne pepper (if using), salt, and pepper.
Use a spatula or wooden spoon to thoroughly mix all the ingredients until well combined.
Shape the mixture into a ball and wrap it tightly in plastic wrap.
Refrigerate the cheese ball for at least 1 hour to allow it to firm up and flavors to meld.
Before serving, remove the cheese ball from the refrigerator and unwrap it.
Roll the cheese ball in additional chopped nuts or herbs for garnish, if desired.
Serve the cheese ball with assorted crackers, sliced baguette, and fresh vegetables for dipping.