In a large skillet over medium heat, cook the ground beef until browned. Drain excess grease.
Stir in chili powder, cumin, garlic powder, onion powder, salt, and pepper. Mix well.
Reduce heat to low and add Velveeta cubes and canned tomatoes with green chilies.
Stir frequently until the cheese is fully melted and the mixture is smooth.
Garnish with chopped cilantro, if desired. Serve warm with tortilla chips.