Cook the Ground Beef: In a skillet over medium heat, cook the ground beef until browned. Drain any excess fat.
Sauté the Vegetables: Add the chopped onion and bell pepper to the skillet, and cook until softened, about 3-4 minutes.
Add the Flavor: Stir in the tomato sauce, ketchup, Worcestershire sauce, garlic powder, and onion powder. Allow it to simmer for about 5 minutes to let the flavors meld.
Cheesy Goodness: Remove from heat and stir in the shredded cheddar cheese until melted and combined.
Serve: Transfer to a serving bowl and enjoy warm with tortilla chips.