COOK meat with onions, cumin and chili powder in large skillet on medium-high heat 5 min. or until meat is no longer pink, stirring occasionally.
ADD tomatoes, water, pasta and peppers; stir. Bring to boil. Reduce heat to medium-low; cover. Simmer 18 to 20 min. or until pasta is tender and most of the liquid is absorbed.
STIR in VELVEETA; cook 2 min. or until melted, stirring occasionally. Sprinkle with cilantro.