Chop up the Velveeta and shred the Monterey Jack. Toss both into a medium saucepan.
Add the milk, undrained tomatoes with green chilies, hatch chiles, garlic powder, onion powder, cumin, salt, and black pepper.
Heat everything over medium-low. Stir often while the cheeses melt—should take around 8-10 minutes.
When it’s smooth, mix in half the green onions and cilantro.
Pour into a serving bowl. Sprinkle the rest of the green onions and cilantro on top.
Serve hot with a pile of tortilla chips for dipping!