In a large skillet over medium heat, cook the bacon until crisp. Remove from pan and drain on paper towels. Set aside.

Add chorizo to skillet, along with onions and garlic, and cook until no longer pink, breaking up as you cook. Drain grease from chorizo and set aside with bacon. Wipe out skillet.

Add diced tomatoes, green chilies and Velveeta to skillet and cook until cheese is melted. Stir in shredded pepper jack cheese and evaporated milk and continue to cook and stir until cheese is completely melted and smooth.

Return bacon and chorizo to skillet and stir to combine. Stir in cilantro and serve hot with tortilla chips.