In a large skillet over medium heat, cook the ground beef and sausage until fully browned. Break up the meat as it cooks and drain excess grease if needed.

Stir in Rotel, black beans, diced jalapeño, chili powder, cumin, salt, and pepper. Let everything cook together for 2–3 minutes to blend the flavors.

Reduce heat to low and stir in Velveeta cubes, pepper jack cheese, and milk. Stir frequently until all the cheese is melted and the dip is smooth and creamy.

Transfer to a serving bowl or keep warm in a slow cooker on the warm setting. Garnish with cilantro, diced tomatoes, or green onions if desired. Serve with tortilla chips or crusty bread.