Preheat oven to 375°.

Heat olive oil in a skillet over medium heat.

Add diced red onion, red bell pepper, and jalapeño to the skillet. Cook, stirring occasionally, until softened. Remove from heat.

Rinse and drain the corn if using frozen and stir into vegetables.

In a large mixing bowl, beat together softened cream cheese, sour cream, ground cumin, chili powder, salt, and pepper until smooth.

Fold in shredded Monterey Jack cheese and queso fresco.

Reserve 1/2 cup of vegetable mixture. Add the remaining vegetables to the mixture and stir to combine.

Spread the dip into a baking dish or cast iron skillet.

Sprinkle reserved vegetables and extra shredded cheese on top.

Bake for 20-25 minutes or until hot and bubbly.

Remove from oven and garnish with chopped cilantro.

Serve warm with tortilla chips.