Preheat oven to 300º. Place pecans on a small baking sheet and toast in oven for 15-20 minutes. Remove from oven and toss with 2 tablespoons taco seasoning; set aside.

In a large bowl, use an electric mixer to beat cream cheese, remaining taco seasoning and Tabasco sauce until smooth, approximately 2 minutes. Add jalapeño, onion, bell pepper and Colby Jack cheese. Stir to combine. Use a rubber spatula to shape cheese into a large ball. Place a large sheet of plastic wrap on counter top, sprinkle reserved seasoned nuts over plastic. Roll ball in nuts, coating the entire outside. Bring sides of plastic wrap up around ball to seal. Wrap in additional layer of plastic wrap to seal. Place cheese ball on a plate and refrigerate several hours until firm. Serve with crackers.