In 9-inch microwave-safe pie pan, combine beans and green chiles; spread evenly in pan. Cover with microwave-safe waxed paper. Microwave on High for 2 to 2 1/2 minutes or until dip is warm.
Uncover; sprinkle with cheese. Top with bell pepper and jalapeño chile. Re-cover; microwave on Medium for an additional 3 to 4 minutes or until cheese is almost melted. Lift waxed paper slowly to allow steam to escape when looking at cheese melt. Pie pan will be hot; carefully remove from microwave oven. Let dip stand 2 minutes; uncover. Sprinkle with fresh cilantro. Serve with tortilla chips.