Over medium heat in a large skillet add the oil.
Once the oil is hot, add handfuls of the tortillas and fry them until they're golden brown and crisp. Drain them on a paper-towel-lined sheet tray, and immediately sprinkle with a little salt. Repeat with the rest of the tortillas.
Add the red bell pepper, green bell pepper, and onion to the hot skillet over medium-low. Cook everything, stirring occasionally until everything is softened and lightly browned. This typically takes 12-15 minutes.
In a medium sized mixing bowl, add the eggs, milk, salt, and pepper, and beat well before setting aside.
Add the diced tomatoes with green chiles to the skillet and mix with the peppers and onions.
Pour the egg mixture into the skillet and let it cook for one minute. Gently stir until it begins to set up, which typically takes 2-3 minutes.
Add half of the shredded Monterey Jack cheese, half of the cheddar, and the cilantro, and stir to combine.
Add the fried tortillas to the mixture, stir to combine well.
Remove from the heat and sprinkle the remaining cheese on top. Place a lid on top until the cheese is melted.
Serve immediately with your favorite taco toppings and enjoy.