To a skillet add the olive oil over medium heat.
Add the pancetta and onion and cooking, stirring often until softened and pancetta starts to brown, about 10 minutes. Stir in the garlic and tomato paste and cook for 2 more minutes. Transfer to a bowl and allow to cool.
To a mixing bowl add the beef, pancetta/onion mix, egg, breadcrumbs, basil, Parmesan, salt & pepper and mix well.
Preheat oven to 400°F/205°C with the shelf rack in the center of the oven.
Take 1 tablespoon of meat and flatten in the palm of your hand. Place a cube of cheese in the center. Wrap the meat around the cheese and roll into balls. Continue with the rest of the meat.
Brush each meatball with olive oil and bake for 15 minutes until browned.
Serve with your favorite marinara sauce.