In a skillet, heat olive oil over medium heat. Add chopped green bell pepper and onion, sauté until softened, about 5 minutes.

Remove from heat and let cool slightly. Stir in provolone and mozzarella cheese.

In a large mixing bowl, combine ground beef, bread crumbs, egg, garlic powder, onion powder, salt, and black pepper. Mix until just combined.

Divide the meat mixture in half. Press half into the bottom of a loaf pan.

Spread the cheesy filling over the meat layer in the loaf pan.

Top with the remaining meat mixture, pressing down gently to seal.

Preheat the oven to 350°F (175°C). Bake the meatloaf for 60 minutes, or until the internal temperature reaches 160°F (70°C).

Remove from oven and let rest for 10 minutes before slicing.

Drizzle cheese sauce over sliced meatloaf and garnish with chopped parsley before serving.