In a large mixing bowl, combine the softened cream cheese, shredded cheddar cheese, sour cream, Worcestershire sauce, lemon juice, Old Bay seasoning, garlic powder, and cayenne pepper (if using). Beat with an electric mixer until smooth and well combined.

Gently fold in the drained lump crab meat using a rubber spatula. Be careful not to overmix or break up the crab too much; you want to maintain some texture.

Taste the mixture and season with salt and pepper as needed.

Place the mixture onto a sheet of plastic wrap. Use the wrap to shape the mixture into a compact ball, approximately 3-4 inches in diameter. Twist the ends of the plastic wrap to tightly secure the ball.

Refrigerate the cheese ball for at least 4 hours, or preferably overnight, to allow it to firm up completely.

In a shallow dish, combine the chopped pecans and minced parsley. Remove the chilled cheese ball from the plastic wrap and gently roll it in the pecan mixture until it is completely coated.

Serve immediately or return to the refrigerator until ready to serve. Arrange the cheese ball on a serving platter surrounded by crackers or toasted baguette slices.