Make a slit down the middle of each jalapeño, being sure to keep the stem and end intact. Using a small spoon, remove the seeds and membrane. In a small bowl, mix together the cream cheese, cheddar cheese, salt and pepper. Stuff each jalapeño with the cream cheese/cheddar mixture.
Pour the canola oil in a dutch oven and turn the heat medium. Warm the oil to 350 degrees F. Line a cutting board with a few sheets of paper towels and set aside.
Place the corn starch in a shallow plate, crack the eggs into a bowl and spread the bread crumbs onto a plate. In batches, dip the jalapeños in corn starch, flour, egg and panko bread crumbs. Carefully drop the jalapeños into the hot oil and fry until golden, about 2 to 3 minutes. Transfer to the bed of paper towels to drain and immediately serve.