In a large bowl, mix the shredded cheddar cheese and diced pimentos
Add mayonnaise, Worcestershire sauce, garlic powder, onion powder, cayenne pepper (if using), salt, and black pepper
Stir until everything is evenly combined and creamy
Cover and refrigerate for at least 1 hour before serving to allow the flavors to meld
Serve chilled with crackers, sandwiches, or as a dip