Place the softened cream cheese in a medium mixing bowl. Beat with an electric hand mixer until smooth and creamy.
Add the sour cream and mix until everything is thoroughly combined.
Stir in the chopped green olives, drained roasted red peppers, minced garlic, onion powder, and black pepper.
Gently fold in the shredded cheddar cheese until evenly distributed throughout the mixture.
Transfer the dip to a serving dish, cover tightly, and refrigerate for at least 30 minutes to allow the flavors to blend.
Serve chilled with crackers, pretzels, potato chips, or fresh vegetables.