Begin by heating the olive oil in a large, heavy-bottomed frying pan or skillet over medium-high heat until it shimmers gently. Add the ground beef, breaking it up with a wooden spoon. Cook for 6-8 minutes, stirring occasionally, until the meat is thoroughly browned and no longer pink, and any rendered fat has been cooked out. Drain off any excess fat from the pan. The beef should look crumbly and have a rich, caramelised colour.

Reduce the heat to medium. Add the finely chopped white onion, green bell pepper, red bell pepper, and minced jalapeño to the pan with the beef. Sauté for 5-7 minutes, stirring regularly, until the vegetables soften and become fragrant. You should notice the onions turn translucent and the peppers become tender-crisp, releasing a sweet aroma.

Stir in the minced garlic, ground cumin, chilli powder, and smoked paprika. Cook for another 1 minute, stirring constantly, until the spices are incredibly fragrant and lightly toasted. The aroma will become wonderfully earthy and rich at this stage. Be careful not to let the garlic burn.

Pour in the undrained can of diced tomatoes and the whole milk. Bring the mixture to a gentle simmer, stirring occasionally. Allow it to simmer for 3-5 minutes, letting the flavours meld and the mixture thicken slightly. You'll see small bubbles breaking the surface, and the sauce will start to coat the back of your spoon.

Gradually add the cubed processed cheese block to the simmering mixture, a handful at a time, stirring continuously until each addition has melted completely and is fully incorporated. This process will take about 5-8 minutes. The mixture will transform from a chunky sauce into a luxuriously smooth, glossy, and thick dip. Once all the processed cheese is melted, stir in the grated Monterey Jack cheese until it too has completely melted and blended into the dip, adding another layer of creaminess.

Taste the queso and season with salt and freshly ground black pepper as needed. Remember that the processed cheese can be quite salty already, so taste before adding too much. Once seasoned to your liking, remove the pan from the heat. The queso should be bubbling gently, a rich, vibrant orange-yellow colour, and have a smooth, velvety texture that clings to your spoon. Garnish generously with fresh chopped coriander before serving immediately.