Place the bacon in a medium skillet over medium heat and cook, stirring occasionally, until crisp, about 10 minutes. Transfer to a paper-towel-lined plate to drain.
Place the processed cheese in a medium saucepot over medium-low heat, and cook, whisking, until melted, about 5 minutes (You can also melt the cheese in a microwave, stirring after 1-minute intervals.)
Whisk in the milk a couple tablespoons at a time until incorporated. Stir in the cilantro, scallions, tomato and jalapeno.
Transfer to a serving bowl, sprinkle with the bacon, and serve with tortilla chips.
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