Preheat the oven to 350 degrees F (175 degrees C). Line a baking sheet with aluminum foil. Lay bacon strips in a single layer on the sheet.
Bake in the preheated oven until browned and crisp, about 15 minutes. Drain bacon slices on paper towels.
Mix cream cheese, butter, and Cheddar cheese together in a bowl. Add lime zest, a squeeze of lime juice, and garlic. Fold serrano pepper into mixture; refrigerate until chilled and stiff, about 10 minutes.
Divide chilled cream cheese mixture into 6 equal parts and roll into balls to make the fat bombs.
Chop bacon and place in a bowl with cilantro. Roll 1 fat bomb at a time in the bowl to coat. Serve cold.