In a large skillet over medium heat, add the ground beef. Cook until browned and fully cooked, breaking it apart with your spatula as it cooks. This should take about 5-7 minutes.
Once the beef is browned, add the diced onion to the skillet. Sauté for about 3-4 minutes, or until the onions are soft and translucent.
Sprinkle the taco seasoning over the beef and onion mixture, followed by the cup of water. Stir well to combine and let it simmer for 5 minutes.
Open the cans of Ro-Tel and pour them into the skillet. Mix everything together and allow it to heat through for an additional 3-4 minutes.
Add the diced Velveeta cheese to the skillet. Stir continuously until the cheese is completely melted and creamy, about 5 minutes.
Once the dip is smooth and gooey, remove it from heat. Transfer it to a serving bowl and garnish with fresh cilantro leaves. Serve immediately with crispy tortilla chips.