Start by heating a large pot. Add the ground beef and taco seasoning, breaking it up as it cooks. Once browned and no pink remains, drain off any extra fat to keep the soup light.
Next, stir in onion, bell pepper, jalapeño, garlic, onion powder, and garlic powder. Cook for 5 minutes until softened and fragrant — this step builds the flavor base for the soup.
Pour in fire-roasted tomatoes with their juices, corn, beans, broth, and water. Stir well and bring to a gentle boil. Reduce the heat to low and let it simmer for about 15 minutes so the flavors blend beautifully.
Add cubed cream cheese and shredded cheddar. Stir gently until both melt into the soup, giving it a rich and creamy texture. Finish with lime juice and cilantro before tasting and adjusting seasoning.