In a large skillet, heat the olive oil over medium heat.

Add the ground beef and cook until browned, about 5 to 7 minutes, breaking it apart with a spatula.

Stir in the diced onion and minced garlic. Sauté until the onion is translucent, about 3 to 4 minutes.

Sprinkle the chili powder and cumin over the meat mixture.

Add in the diced tomatoes with green chilies.

Reduce the heat to low, then stir in the shredded cheddar cheese and cream cheese.

Stir continuously until the cheeses are fully melted and combined.

Taste the mixture and season with salt and pepper as needed.

Transfer the queso to a serving bowl and serve warm.