In a large mixing bowl, stir together the broccoli, velveeta, colby cheese, cheddar cheese, ¼ cup panko crumbs, red pepper flakes, 1 egg and salt and pepper to taste.
Form the mixture into 1 inch balls, and place onto a parchment lined baking sheet.
Chill for 30 minutes.
Remove the balls from the fridge.
Place the flour in one shallow bowl, beat the remaining 2 eggs and place into another shallow bowl, and add the remaining panko crumbs to a third shallow bowl.
Heat the oil for frying to 375 degrees in a deep sided pot or skillet.
Roll the broccoli cheese balls in the flour, then dip into the egg, and finally coat in the panko crumbs.
Fry the balls until golden brown, and drain on a paper towel lined plate before serving.