Preheat your oven to 350°F (175°C).

In a large mixing bowl, combine the softened cream cheese and sour cream until smooth.

Stir in the shredded cheddar cheese and Monterey Jack cheese until evenly mixed.

Add the diced Hatch green chiles, diced green onions, garlic powder, onion powder, salt, and pepper. Mix well to combine all ingredients.

Transfer the mixture to an oven-safe baking dish and spread it evenly.

Bake in the preheated oven for 20-25 minutes, or until the dip is bubbly and golden on top.

Remove from the oven and let it cool slightly before serving.

Serve warm with tortilla chips for dipping.