Heat the olive oil over medium high heat in a medium skillet. Add the onions and bell peppers and cook until soft.
Reduce the heat to low and add the salt, black pepper, and garlic. Cook for 1 minute while stirring. Remove from the heat and let the mixture cool for a few minutes.
Combine the cooked veggies with the corn kernels, mayonnaise, sour cream, green onions, jalapeno, chili powder, paprika, cayenne pepper, cheddar cheese, and Monterey Jack cheese.
Spoon the mixture into a baking dish and bake for 20-25 minutes or until golden brown and bubbly.
Serve with Fritos and tortilla chips
Cold Dip
Heat the olive oil over medium high heat in a medium skillet. Add the onions and bell peppers and cook until soft. Reduce the heat to low and add the salt, pepper, and garlic. Cook for 1 minute while stirring. Remove from the heat and let it cool.
Once fully cooled, combine the cooked veggies with the corn kernels, mayonnaise, sour cream, green onions, jalapeno, chili powder, paprika, cayenne pepper, cheddar cheese, and Monterey Jack cheese. Cover and refrigerate for 1 hour to allow the flavors to blend.