HEAT oven to 350°F.
MELT butter in large skillet on medium heat. Add peppers and onions; cook and stir 5 min. or until crisp-tender. Add chicken, soups, tomatoes and half the VELVEETA; mix well.
SPREAD 2 cups chicken mixture onto bottom of 13x9-inch baking dish; cover with 6 lasagna noodles.
REPEAT layers ending with chicken mixture. Top with remaining VELVEETA; cover with aluminum foil.
Bake for 30 minutes or until heated through. Then remove foil and bake uncovered for the last 8 minutes.