Soak cashews for at least 1 hour.
Heat a pan to medium high heat
Cook chopped bacon on the pan until they are brown and crispy.
Remove the bacon bits with a slotted spoon and set aside, leaving the bacon grease in the pan.
Add the onions into the pan. Sprinkle with salt and pepper.
Reduce the heat to medium-low, and cook stirring occasionally for 20 minutes until the onions are caramelized. Remove from heat.
Drain the cashews and place in a food processor.
Add mayo, nutritional yeast, raw apple cider vinegar, onion powder, crushed red pepper, salt, and cayenne (optional) in the food processor and blend until smooth and creamy.
Place in a bowl, then add bacon bits and caramelized onions and mix well.
Sprinkle with green onions. Serve with chips and/or sliced vegetables.