01 - In a large skillet over medium-high heat, add the ground beef. Cook, breaking it up, until browned and cooked through, about 5–7 minutes. Drain excess fat if necessary.
02 - Add the diced onion, red and green bell peppers, and jalapeño. Sauté for 3–4 minutes, until vegetables are softened.
03 - Stir in the minced garlic, cumin, chili powder, smoked paprika, salt, and black pepper. Cook for 1 minute until fragrant.
04 - Reduce heat to medium-low. Add the cream cheese cubes and milk, stirring until the cream cheese is melted and mixture is smooth.
05 - Gradually add the shredded cheddar and Monterey Jack cheeses, stirring constantly until fully melted and the dip is creamy.
06 - Keep warm over low heat or transfer to a slow cooker set to warm.
07 - Garnish with cilantro, diced tomato, and green onions if desired. Serve hot with tortilla chips, sliced vegetables, or bread.