In a medium skillet over medium-low, cook the pancetta until crisp and the fat is rendered, 5-8 minutes. Transfer to paper towels to drain.
In a medium bowl, mix the pancetta, 1 egg, and the next 7 ingredients until well blended. Refrigerate for about 1 hour.
Form the rice into walnut size pieces, roll into rounds and place on a parchment lined baking sheet.
Place the flour in shallow dish and season with salt and pepper. In another shallow dish, whisk the remaining 3 eggs to blend. In a third shallow dish, place the breadcrumbs. Working in batches, coat the rice rounds in the flour, then egg, then breadcrumbs, shaking to remove any excess. Return to the baking sheet. Cover and refrigerate at least 2 hours or up to one day.
Pour enough oil into a large pot to measure 3 inches. Attach a deep-fry thermometer to the side of the pot. Heat over medium until the thermometer registers 350 degrees . Working in batches, fry the Arancini until golden brown, turning occasionally, about 1-1 1/2 minutes. Transfer to paper towels to drain. Arrange on a serving platter and sprinkle with cheese.