Beat the softened cream cheese, shredded cheddar cheese, mayonnaise, finely chopped onion, green bell pepper, salt, and black pepper until thoroughly combined. Scrape the sides of the bowl as needed so the mixture is evenly blended.

Cover the bowl and refrigerate the cheese mixture for about 1 hour, or until firm enough to shape. Chilling gives the mixture enough structure to hold a neat ring.

Transfer the chilled mixture to a serving platter and shape it into a ring, leaving a hollow center. For a neater shape, form the mixture around a small bowl or glass and remove the mold before adding the preserves.

Spoon the strawberry preserves into the hollow center of the cheese ring, keeping the preserves inside the wreath rather than spreading them over the cheese.

Sprinkle the chopped pecans over the cheese ring shortly before serving so they retain their crisp texture. Serve chilled or slightly cool with assorted crackers.