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Pulse the flour, butter, cheese, salt, and pepper together using a food processor until the mixture resembles coarse meal.
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Pulse in 3 to 4 tablespoons of water, one tablespoon at a time, and only enough so that the dough forms a ball and rides the blade.
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Remove, wrap in plastic, and chill for 20 minutes or up to 24 hours.
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Roll the dough out on a cookie sheet to 1/8-inch thickness. (If you roll it thicker, it will still work, but the crackers won't be quite as crunchy.).
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Using a pizza cutter slice dough into 1 inch squares or using a cookie cutter cut out as many crackers as possible.
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Bake at 350 F until golden and crisp - 15 to 20 minutes.