01 - Heat a large skillet over medium-high heat. Add the ground beef and cook, breaking it up with a spoon, 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 to the skillet. 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 constantly until the cream cheese is melted and the mixture is smooth.
05 - Gradually add the shredded cheddar and Monterey Jack cheeses, stirring constantly until fully melted and the dip reaches a creamy consistency.
06 - Keep the dip warm over low heat or transfer to a slow cooker set to warm setting for serving.
07 - Top with chopped cilantro, diced tomato, and green onions if desired. Serve hot with tortilla chips, sliced vegetables, or bread.