Heat the tater tots according to package instructions.
In a small saucepan combine the Velveeta cheese with the diced green chilies (including the juices) and stir over medium heat until smooth and melted.
Place the cream cheese in a microwave safe bowl and microwave for 30 seconds. Stir in the sour cream and mix until smooth and creamy.
Assemble your Totchos! Place the crispy tater tots on bottom, followed by the cheese sauce, sour cream mixture, sliced green onions, thinly sliced jalapeños, and crumbled bacon. Serve immediately, and enjoy!