Chop potatoes, bell pepper, and yellow onion into 1/2 inch cubes. Remove seeds and mince jalapeño. Combine potatoes, bell pepper, onion and jalapeño with pepper, salt, garlic powder, and cayenne pepper and mix well. Heat oil in large skillet, then add potato mixture. Cook mixture about 10 minutes on high heat until potatoes start to soften, stirring occasionally to avoid burning. Reduce heat to medium and cook an additional 5 to 10 minutes until potatoes are lightly browned and fork tender. Reduce heat to lowest setting and sprinkle cheese evenly over mixture. Cook 3 to 5 minutes, without stirring, until cheese has melted. Serve hot. Serving suggestion: serve 1 cup portion in large bowl with fried egg on top.