Cook ground beef and frozen peppers and onions in a large, deep skillet until beef is browned. Drain and return to pan.
Add remaining ingredients besides cheese and tortilla chips. Bring to a boil, then reduce heat, cover and simmer for 20 minutes. Preheat oven to 350 degrees.
Spread half of beef mixture into the bottom of a 9 x 13 baking dish. Sprinkle half of chips and cheese. Repeat with remaining beef and chips.
Bake at 350 degrees for 20 minutes. Remove from oven, sprinkle remaining cheese on top, and return to oven to bake an additional 5 - 7 minutes or until cheese is melted.
Serve immediately. Refrigerate or freeze leftovers.