Preheat the oven to 350 degrees F.

Melt 1 tablespoon of the butter in a large heavy skillet over medium-high heat. Add the corn, salt, and pepper. Cook, stirring occasionally, until the kernels turn deep golden brown, about 5 minutes. Transfer to a bowl. Melt the remaining tablespoon of butter in the skillet. Add the onions and bell peppers and cook, stirring often, until the onions are wilted, about 2 minutes. Add the green onions, jalapeno, and garlic and cook, stirring, for 2 minutes, or until the vegetables are softened. Transfer to the bowl with the corn. Add the mayonnaise, 1/2 of the monterey jack and half of the cheddar, and the cayenne and mix well. Pour into an 8-inch square baking dish and sprinkle the remaining cheese on top. Bake until bubbly and golden brown, 10 to 12 minutes. Serve hot with the chips.