Preheat oven to 400 degrees Fahrenheit. In a medium-sized saucepan, add the 1 tablespoon olive oil, ½ diced onion, 1 diced red pepper, and 1 seeded and diced jalapeño. Cook over medium-high heat until tender.
In a medium-sized bowl add the cooked pepper mixture, 2 (15-ounce) cans corn, 8 ounce softened cream cheese, ½ cup sour cream, HALF of the 2 cups shredded Colby jack cheese, ½ teaspoon chili powder, ½ teaspoon garlic powder, ¼ teaspoon paprika, and salt and pepper. Stir until combined.
Spread the mixture in a 2 quart casserole dish or small skillet. Sprinkle with the remaining cheese. Bake for 15-20 minutes or until hot, bubbly, and golden brown. Garnish with sliced green onion if desired.