Heat the olive oil in a large pot over medium heat.
Add the onion and garlic and cook until softened, about 5 minutes.
Add the jalapeno and cook for another minute.
Add the vegetable broth, potatoes, cumin, chili powder, salt, and pepper. Bring to a boil and reduce heat to a simmer.
Simmer for 20-25 minutes, or until the potatoes are tender.
Stir in the cheese, sour cream, and cilantro and cook for an additional 5 minutes.
Serve warm, with extra cheese, sour cream, and cilantro, if desired.