In a large saucepan over medium heat, combine the Velveeta cheese, cream cheese, and milk, stirring constantly until the cheeses are melted and smooth.
Stir in the diced tomatoes with green chiles and chipotle peppers.
Add the onion, garlic powder, smoked paprika, and cumin. Continue to cook, stirring frequently, for about 5 minutes or until the mixture is thoroughly heated.
Remove from heat and stir in the chopped cilantro.
Serve warm with tortilla chips, fresh vegetables, or over tacos.