Place cashews in a medium bowl and cover with hot water. Soak for 10 minutes.
Drain cashews and transfer to the bowl of a food processor. Wipe medium bowl clean that held soaking cashews and set aside.
Add cream cheese, olive oil, and water to cashews in food processor. Process until smooth, stopping when needed to wipe down sides with a spatula.
Add in nutritional yeast, garlic powder, onion powder, dill, chives, parsley, salt and pepper and process again until cheese mixture is completely integrated.
Place a tea towel in the medium bowl. Transfer cheese mixture into the middle of the tea towel, gather corners together, and twist to close. Chill cheese in bowl in the freezer for one hour. Alternatively, chill in the refrigerator for at least 4 hours or overnight.
Place pecan pieces on a medium plate. Take cheese ball out of tea towel, form into a smoother ball and press into pecans until the ball is completely coated.
Store cheese ball in the refrigerator until ready to serve. Serve cheese ball with crackers, crudites, or pretzels.