Beat the softened cream cheese, butter and vanilla together in a mixing bowl. Use a hand mixer for a stand mixer fitted with the paddle attachment.
Stir in the powdered sugar and coconut flakes until well combined. Cover the bowl and refrigerate for at least 30 minutes.
Use a small cookie scoop and form the mixture into small balls. Roll the coconut balls in cinnamon. Set them onto a baking sheet covered with parchment paper.
Keep refrigerated until you're ready to enjoy them.