Heat oven to 400°F. Line a baking sheet with parchment or a silicone baking mat.
Mix all meatball ingredients (except chili sauce and jelly). Using a small cookie scoop (or two spoons) portion out 48 balls and roll in your hands until smooth and compact.
Bake for 20-25 minutes until firm and no longer pink inside. Allow to set for a few minutes on a baking rack.
Meanwhile, heat chili sauce and grape jelly together in a large skillet until they are well combined.
Add in meatballs tossing until coated. Simmer uncovered until ready to serve.
Notes
*Double the recipe if serving a crowd.**Try keeping warm in a slow cooker at your next party!***Freeze meatballs and defrost when ready to serve.****For the ultimate shortcut, use prepared or frozen meatballs.