In a large skillet over medium-high heat, heat olive oil.
Once the oil is hot, add onion and peppers. Saute for about 3 minutes until slightly softened. Stir in garlic and cook for another 30 seconds. Add onion mixture to your slow cooker insert.
Return skillet to the heat and add beef. Cook until browned, stirring occasionally, about 4 to 5 minutes.
Drain fat from the beef. Pour beef into slow cooker.
Add tomatoes, chilis, water, cumin, chili powder, salt, and pepper. Stir together, cover, and cook on low for 5 to 6 hours.
Stir in corn, black beans, and cream cheese. Keep on low heat and cover. Cook, stirring occasionally, until cream cheese is melted, about 15 minutes.
Stir in pepper jack cheese until melted.
Serve with your favorite toppings!