Preheat your oven to 425°F (220°C) if baking the fries or heat oil in a deep pot for frying.
Wash and peel the potatoes. Cut them into thin fries (about ¼-inch thick).
In a mixing bowl, combine the olive oil, paprika, garlic powder, onion powder, chili powder, and salt. Add the cut fries and toss them until evenly coated with the seasoning.
If baking: Spread the seasoned fries on a baking sheet in a single layer. Bake for 20-25 minutes, flipping halfway through, until golden brown and crispy. If frying: Carefully add the seasoned fries to hot oil in batches. Fry for about 3-4 minutes per batch until golden and crispy; remove with a slotted spoon and drain on paper towels.
While the fries are cooking, prepare the cheese sauce. In a microwave-safe bowl, heat the cheddar cheese until melted (about 1-2 minutes) or use a small saucepan on low heat to melt the cheese.
Once the fries are done, remove them from the oven or frying oil and place them on a serving dish.
Drizzle the melted cheese over the top of the fries, and then add the jalapeño slices.
Optionally, serve with sour cream and garnish with fresh cilantro.