1. Preheat the oven to 350 degrees F (175 degrees C).
2. Cook and stir ground beef in a large skillet over medium-high heat until crumbly and browned, 5 to 7 minutes. Drain and discard excess grease. Stir in salsa, onion, mayonnaise, chili powder, and cumin. Remove the skillet from heat.
3. Spread about 1/2 of the ground beef mixture into the bottom of a 2-quart casserole dish. Spread 1 cup tortilla chips over beef mixture. Top with 1/2 of the Cheddar cheese and 1/2 of the Monterey Jack cheese. Repeat layers with remaining ingredients. Cover the casserole dish with aluminum foil.
4. Bake in the preheated oven until cheese is melted in the middle, about 30 minutes.