Grate both cheeses finely.

In a medium saucepan over medium heat, melt 2 tablespoons of butter until bubbly but not browned.

Pour in one can of evaporated milk and stir continuously until it's heated through but not boiling.

Gradually add both cheeses while stirring constantly until fully melted and smooth.

Add garlic powder, cayenne pepper, and taco seasoning.

Stir until everything is combined and gooey.

Transfer your cheesy concoction into a bowl or drizzle over chips.