In a medium saucepan over medium-low heat, melt butter and then add onions. Saute until golden then add garlic, jalapeno and chilies and cook for 1 minute.
Lower heat and add cheddar cheese, stir until melted. Add the black-eyed peas and cook for 5 minutes, stirring constantly. Season to taste with salt, pepper, cumin and chipotle powder if you'd like a bit more heat. Serve warm with tortilla chips.