Saute veggies: Heat a skillet over medium heat. Once hot add oil. Once hot, add onion and sauté 3 minutes. Add corn, diced green chiles and water. Cover and cook, stirring occasionally, until corn is tender (about 5 minutes). Remove from heat.

Make creamy sauce: In a separate bowl mix together mayo, yogurt, chili powder, tajin, garlic powder, cilantro, lime juice, and cheddar cheese.

Finish: Stir in corn mixture from skillet. Season to taste with salt and pepper. Sprinkle fresh cilantro and cotija cheese on top, if desired.

Serve warm or cold (dip will thicken as it chills), with tortilla chips for dipping.