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Gather all ingredients.
Photographer: Robby Lozano / Food Styling: Isabelle Easter / Prop Styling: Abby Armstrong
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Heat oil in a large Dutch oven over medium-high heat. Add onion and bell peppers; cook, stirring occasionally, until tender, about 8 minutes.
Photographer: Robby Lozano / Food Styling: Isabelle Easter / Prop Styling: Abby Armstrong
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Add chili powder, cumin, garlic powder, and onion powder, and cook, stirring constantly, until spices are fragrant, about 1 minute.
Photographer: Robby Lozano / Food Styling: Isabelle Easter / Prop Styling: Abby Armstrong
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Add cream of mushroom and cream of chicken soups, diced tomatoes, and chicken broth, and stir until combined; bring to a boil over high.
Photographer: Robby Lozano / Food Styling: Isabelle Easter / Prop Styling: Abby Armstrong
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Reduce heat to medium; add shredded chicken, tortilla strips, and cream cheese. Cook, stirring occasionally, until cream cheese has melted, about 2 minutes. Season with salt to taste.
Photographer: Robby Lozano / Food Styling: Isabelle Easter / Prop Styling: Abby Armstrong
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Remove from heat and divide among 6 serving bowls. Garnish with Cheddar cheese, sliced jalapeño, and cilantro leaves, if desired.
Photographer: Robby Lozano / Food Styling: Isabelle Easter / Prop Styling: Abby Armstrong
Recipe developed by Isabelle Easter