Preheat your oven to 350°F (175°C) and grease a 9x5-inch loaf pan.
In a large mixing bowl, combine the flour, baking powder, salt, garlic powder, and onion powder. Stir until well mixed.
Add the shredded cheddar cheese to the dry ingredients and mix until the cheese is evenly coated with flour.
In a separate bowl, whisk together the milk and vegetable oil. Pour this mixture into the dry ingredients and stir until just combined.
Gently fold in the canned chili and green onions (if using). Be careful not to overmix; a few lumps are okay.
Pour the batter into the prepared loaf pan and sprinkle the crushed red pepper flakes on top if desired.
Bake in the preheated oven for 45-50 minutes, or until a toothpick inserted into the center comes out clean.
Allow the bread to cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.