01 - Heat a large skillet over medium-high heat. Add ground beef and cook, breaking up with a spoon, until browned and cooked through, approximately 5-7 minutes. Drain excess fat if needed.
02 - Add diced onion, red bell pepper, green bell pepper, and jalapeño to the skillet. Sauté for 3-4 minutes until vegetables are softened.
03 - Stir in minced garlic, ground cumin, chili powder, smoked paprika, salt, and black pepper. Cook for 1 minute until fragrant.
04 - Reduce heat to medium-low. Add cream cheese cubes and milk, stirring continuously until cream cheese melts completely and mixture becomes smooth.
05 - Gradually incorporate shredded cheddar and Monterey Jack cheeses while stirring constantly. Continue until fully melted and dip reaches creamy consistency.
06 - Maintain temperature over low heat or transfer to slow cooker set to warm. Garnish with cilantro, diced tomato, and green onions if desired. Serve immediately with tortilla chips, vegetables, or bread.