In a large skillet over medium heat, brown the ground beef until fully cooked, about 5-7 minutes. Drain excess fat if necessary.
Add the diced onion and minced garlic to the skillet. Sauté for 3-4 minutes until the onion is translucent.
Stir in the black beans, diced tomatoes with green chilies, corn, chili powder, cumin, paprika, salt, and pepper. Mix well and let simmer for 5 minutes.
Reduce heat to low and sprinkle the cheddar and Monterey Jack cheeses evenly over the top. Cover the skillet and let it cook for an additional 3-5 minutes until the cheese is melted and bubbly.
Remove from heat and serve hot with tortilla chips on the side. Garnish with fresh cilantro and a dollop of sour cream if desired.