Brown ground beef in skillet over medium heat, breaking it up as it cooks, 5-7 minutes until no longer pink.
Drain excess fat from beef.
Add taco seasoning and water to beef, stir well, and simmer 1-2 minutes until liquid thickens.
Transfer seasoned beef to slow cooker.
Add Rotel to slow cooker and stir to combine with beef.
Top with cubed Velveeta.
Cover and cook on high 1-2 hours, stirring once halfway through.
Switch to warm once cheese is fully melted and smooth.
Serve with tortilla chips.
Stir occasionally if dip starts to separate.