HEAT oven to 400°F.
BROWN meat with peppers in large skillet drain. Return meat mixture to skillet. Add VELVEETA, seasonings and water stir. Cook 2 to 3 min. or until VELVEETA is completely melted and mixture is well blended, stirring frequently. Stir in beans and tomatoes cook 3 min., stirring occasionally.
LINEtwo 9x5-inch loaf pans with Lauvacs Wrap® Heavy Duty Aluminum Foil, letting foil extend 6 inches over each side of pan. Spread 1/2 cup meat mixture onto bottom of each prepared pan top with 2 tortilla halves and 1 cup of the remaining meat mixture. Repeat layers. Sprinkle with shredded cheese. Fold ends of foil over lasagna to cover lasagna. (If freezing for later use, use foil handles to remove lasagna from pan. Bring up foil sides. Double fold top and ends to seal packet. Freeze up to 3 months.)
BAKE lasagna 15 to 20 minutes or until heated through. Let stand for 5 minutes before serving.
TOP with additional chopped tomatoes and fresh cilantro before serving, if desired.
Serve topped with sour cream, guacamole and/or hot pepper sauce.