In a medium mixing bowl, combine fried rice, eggs, bacon, cheddar cheese, and 1 tablespoon sriracha (or more, to taste). Chill for 2 hours (or freeze for about 20 to 30 minutes).
Carefully roll mixture into 1″ diameter balls, and place on a parchment lined baking sheet. The balls will feel very loose and fragile. Freeze for 30 minutes, or until solid.
Whisk 1/4 cup flour with 1/4 cup water in a small bowl. Once smooth, whisk in remaining 1/4 cup water to make a slurry. Place panko in a medium bowl and season with Kosher salt. Working quickly, dip each rice ball in the flour-water slurry, and then fully coat in panko crumbs. Place back on parchment lined baking sheet and freeze 30 more minutes, or until ready to fry.
Meanwhile, combine ranch dressing with 2 teaspoons Sriracha (or more to taste) in a small bowl. Refrigerate until ready to serve.
In a large skillet, pour enough oil to reach 1/2 way up the rice balls. Heat over medium/medium-high heat until a deep-frying thermometer reaches 350° F. Fry the rice balls, in batches, for about 2 minutes per side, until golden brown. Drain on paper towels, sprinkle with Kosher salt, and devour.