Heat olive oil in a skillet over medium heat.
Sauté diced onion and jalapeño peppers until softened, about 3 to 4 minutes.
Stir in garlic, salt, cumin, and chili powder. Cook for 30 seconds to 1 minute until fragrant.
Transfer the mixture to a food processor.
Add black beans, cilantro, lime juice, and water.
Blend until mostly smooth, scraping down the sides as needed.
Taste and adjust seasoning if needed.
Scoop into a serving bowl and garnish with chopped cilantro and crumbled cotija cheese.
Serve with chips, vegetables, or as a side dish.