Place the soaked and drained cashews in the bowl of a food processor. Process for 1 minute, or until a rough paste forms.
Add the ½ cup of water, nutritional yeast, lemon juice, vinegar, onion powder, garlic powder, and optional white pepper to the food processor.
Process for 3 to 5 minutes, scraping down the sides as needed, until the mixture is completely smooth and creamy.
Transfer the cheese to a lidded container and refrigerate for at least 12 hours. This allows the cheese to thicken and the flavors to meld.
Serve spread on sandwiches, crackers, or pita bread.
Enjoy!