In a medium-sized bowl, fold the Greek Yogurt, mayonnaise, and caramelized onions until well combined.
Add in the garlic powder, onion powder, salt, and cayenne powder. Stir until incorporated.
Cover the bowl with plastic wrap and allow the dip to set for at least an hour in the refrigerator before serving. Serve with chips or fresh vegetables.
Store the finished dip in an airtight container in the refrigerator for up to 4 days.