Turn on the Sauté function at 320°F for 20 Minutes. Add the olive oil and the ground beef. Brown the beef on all sides, breaking up into smaller bits with a wooden spoon. Sprinkle on the paprika, cayenne and salt.
Leave the ground beef in the pot and add the diced white onion and minced garlic cloves. Sauté for another 3-4 Minutes until fragrant.
Add the diced green chiles, fire roasted tomatoes, evaporated milk, Velveeta cheese, and Mexican shredded cheese. Stir to combine.
Place the lid on top and Slow Cook on High for 2 Hours, or on Low for 4 Hours, stirring occasionally.
Sprinkle with fresh cilantro and serve with tortilla chips. Keep warm.