In a large skillet, add olive oil and heat over medium heat.
Add onions, bell peppers, jalapeno and garlic together, cook until onion is tender.
Add corn and heat for 2 to 3 minutes.
Add in salsa. cream cheese, mayonnaise, sour cream, and heavy cream. Mix together over medium heat.
Stir in cumin, smoked paprika, and salt until well combined.
Add Monterey Jack and cheddar cheese and stir until cheese is melted. Place the skillet in the oven on low broil and leave the queso in these until the cheese is browned on top.