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Heat the olive oil in a cast iron skillet, or oven safe skillet over medium-high heat. Add the ground beef to the skillet, season it with the chili powder, and cook for about 5 minutes until no longer pink, breaking it up as you go along.
Stir in the red onion and garlic and cook for 2 more minutes or until the onion softens and becomes translucent.
Add the green chiles, jalapeno, fire roasted tomatoes and stir. Bring to a simmer, then turn down the heat to medium low. Add the evaporated milk and velveeta and cook for 2 more minutes or until the velveeta melts. Stir in 2 cups of the jack cheese and cook for another minute until it melts.
Turn off the heat. Sprinkle the remaining jack cheese over the top of the dip and place the skillet over the broiler for about 5 minutes or until browned and bubbly. Watch it so it doesn't burn.
Garnish with fresh cilantro and serve with tortilla chips.