Preheat the oven to 400°F (200°C). Line a baking sheet with parchment paper and set it aside.
In a large bowl, whisk together 1 1/4 cups all-purpose flour, 1/2 teaspoon salt, 1/4 teaspoon ground pepper, 1/4 teaspoon cayenne pepper, and 1 1/2 teaspoons baking powder.
Add 2 cups shredded sharp cheddar cheese to the flour mixture and toss or stir until the cheese is evenly coated with the flour mixture.
Remove the casing from 12–16 ounces soy chorizo and crumble the chorizo into a medium bowl, breaking it into small pieces with a spoon.
Add the crumbled soy chorizo and 3 tablespoons melted (and cooled) unsalted butter to the bowl with the flour-coated cheese. Stir with a spoon until the mixture is evenly combined and holds together when pressed.
Using your hands or a small scoop, form the mixture into balls about 1 1/2 to 2 inches in diameter. Press each ball firmly so it holds its shape.
Place the balls on the prepared baking sheet, spacing them a little apart so air can circulate.
Bake the balls in the preheated oven until they are golden, about 10–12 minutes. Remove from the oven and let them cool on the baking sheet for a few minutes before serving.
To make the chipotle dipping sauce: in a small bowl, stir together 1/2 cup plain Greek yogurt, 2–3 teaspoons (to taste) sauce from the can of chipotle chiles, and 1/4 cup chopped cilantro. Serve the warm cheddar-chorizo balls with the chipotle dipping sauce.