Add the cubed Velveeta, can of chili, milk, chili powder, lime juice, paprika, cumin, and cayenne to a medium saucepan over medium heat.
Stir frequently until the cheese is fully melted and the mixture is smooth, about 8 to 10 minutes.
Reduce heat to low and simmer for 20 minutes, stirring occasionally, until the dip is thickened and the spices have fully bloomed.
Taste and adjust seasoning as needed. Transfer to a small slow cooker on “warm” for serving.
Serve warm with sturdy tortilla chips.
Notes
Store leftovers in the fridge for up to 5 days.Reheat with a splash of milk over low heat.You may decide to serve this in a pre-heated cast iron skillet for restaurant-style presentation.