Place bacon in a large skillet over medium high heat. Cook until crisp, and transfer to a paper towel-lined plate to drain. Crumble or chop into small pieces. Take half and, once cool, mix with panko crumbs. Set aside.
In the bowl of an electric mixer fitted with the paddle attachment, beat cream cheese, cheddar cheese, pimientos and Ranch seasoning mix until smooth. Add remaining bacon and mix again to distribute.
Cover and place in the refrigerator for at least 2 hours, up to overnight. Using plastic wrap to prevent sticking, shape the cream cheese mixture into a ball. Roll in the bacon and bread crumb mixture. Serve with crackers or bread.
For safe meat preparation, reference the USDA website.