1. Melt butter in a medium skillet over medium heat. Add bell pepper, onion and garlic; cook 5 min. stirring occasionally. Transfer to a large bowl; cool 5 min.
2. Add meat, 3/4 c. of the picante sauce, tortilla chips, egg, cumin and salt to bowl with vegetables. Mix well. Press half of mixture into a 9'x5" loaf pan. Make a shallow well down center of meat. Press 1 1/2 c. of the cheese in the well; top with remaining meat mixture, pressing into a compact loaf. (Loaf pan will be full.)
3. Brush remaining 1/4 c. picante sauce over top of loaf. Bake in a 375°F oven for 1 hr. and 5 min. or until internal temperature of meat reaches 160°. Sprinkle remaining 1/2 c. cheese and, if desired, cilantro over loaf; let stand for 5 min. or until cheese is melted. Pour off and discard pan drippings. Transfer meatloaf to a carving board. Cut into 8 slices.