Brown ground beef in a large skillet over medium-high heat, undisturbed 2 to 3 minutes, then break apart and cook fully. Drain most fat, leaving 1 tablespoon.
Add diced onion and cook 3 to 4 minutes until soft. Add garlic and cook 1 minute. Stir in spices and toast 30 seconds.
Pour in the full can of Rotel with liquid. Stir and simmer 2 minutes.
Reduce heat to low. Add Velveeta cubes and stir slowly and continuously until fully melted and smooth, about 4 to 5 minutes. Do not increase heat.
Adjust consistency with broth or water if needed. Season with salt and pepper. Serve immediately with tortilla chips.