Cube the Velveeta cheese and measure out the other ingredients.
In a medium saucepan, combine the cubed Velveeta, shredded cheddar, and milk over medium heat.
Stir continuously until the cheeses begin to melt.
Add the diced tomatoes with green chilies and stir to combine.
Season with garlic powder, onion powder, cumin, salt, and pepper.
Continue to cook for an additional 5-7 minutes, stirring frequently.
Remove from heat once the dip is smooth and creamy.
Transfer the queso dip to a serving bowl.
Garnish with fresh chopped cilantro.
Serve immediately with tortilla chips.