In a large skillet, heat olive oil over medium-high heat. Add ground beef and cook until browned, 5-8 minutes, crumbling the beef as it cooks. Add Taco Bell seasoning and ¾ cup water; stir. Bring to a boil, then reduce to a simmer on medium-low heat and cook another 10 minutes, until the beef soaks up the liquid, stirring occasionally. Once done, transfer ground beef to a bowl.
With the skillet on medium-low, add the cubed Velveta, canned tomatoes and diced tomatoes. Stir until cheese is melted, 4-5 minutes. Add jalapenos, Monterey Jack cheese and sharp cheddar; mix until combined. Return ground beef to the pan.
Season beef queso with chili powder, cayenne, salt and pepper. Add chopped cilantro and mix. Serve immediately.
Recipe by sweet caroline's cooking at https://sweetcarolinescooking.com/2014/12/11/say-cheese-spicy-beef-queso-dip/