Heat the oil in a large pan or medium pot to medium heat. Add the jalapenos and onion and cook for 3-4 minutes to soften.
Add the garlic and cook another 1 minute, until the garlic becomes fragrant.
Add the tomatoes, roasted peppers, cayenne, paprika, cumin and salt and pepper. Stir and cook for 2 minutes to break down the tomatoes.
Stir together the cornstarch and evaporated milk until well incorporated, then pour into the pan. Add hot sauce to taste.
Bring to a boil, then reduce heat to a simmer.
Stir in the shredded cheese a handful at a time, continually stirring, until it is melted through and well incorporated.
Remove from heat and top with extra diced tomatoes, sliced peppers, red chili flakes, fresh chopped cilantro.
Serve with tortilla chips!