For the meatballs, heat a skillet over medium heat with olive oil, 2 turns of the pan. Add onions, peppers and garlic and cook until very tender. Remove from heat and cool.
Place the meat in a bowl and season with salt and pepper. Wet the panko with consommé or stock, and add to the meat along with the egg, cheese and cooked onions, peppers and garlic. Combine well and roll into 1 1/2- to 2-inch balls. Arrange on a parchment-lined baking sheet, cover and let stand 30 minutes to combine flavors.
Preheat oven to 350°F and season croutons with onion, garlic and thyme. Toss and toast in the oven to light golden but not totally dry.
Raise oven temp to 400°F and roast meatballs until crispy at edges and browned, 18-20 minutes.
Meanwhile, make the fondue: Toss cheeses with flour and rub a fondue pot or medium saucepot with garlic. Throw clove into the pot with the wine and bring to low simmer. Remove garlic and add lemon juice. Add cheese a fat handful at a time and melt using a wooden spoon and stirring in a figure-8 motion. Once fully melted, add next addition of cheese.
Serve balls and croutons around the fondue pot with bamboo skewers or fondue forks for dipping.