In a medium bowl, mix together the mayonnaise and sour cream until smooth.
Stir in the garlic powder, onion powder, cayenne pepper, and lime juice.
Fold in the drained corn, shredded cheddar cheese, green onions, cilantro, and red bell pepper.
Chill for at least 30 minutes to let the flavors meld.
Serve cold with tortilla chips or as a side dip for grilled meats.