In a large bowl, mix together the ground beef, garlic powder, onion powder, salt, and pepper.
Shape the mixture into small meatballs, about 1 inch in diameter.
In a large skillet, heat olive oil over medium heat. Add the meatballs and cook until they are browned on all sides.
In a separate bowl, combine the cranberry sauce and chili sauce. Mix well.
Pour the sauce over the meatballs in the skillet. Reduce the heat and let the meatballs simmer in the sauce for about 10 minutes, ensuring they are cooked through.
Serve the meatballs hot, garnished with fresh parsley if desired.