Preheat your oven to 400 degrees F. Line 2 rimmed baking sheets with parchment paper.
Prepare the dipping sauce by stirring ranch dressing and 1 ½ teaspoons of the taco seasoning together in a small bowl until combined. Cover and refrigerate.
Combine the ground beef, bread crumbs, cheese, eggs, ranch seasoning, and the remainder of the taco seasoning from the packet in a large bowl.
Form into 1 ½ inch balls (about 2 tablespoons of mixture for each ball) and place on the prepared baking sheets.
Bake for 20 to 25 minutes, or until meatballs are browned, fully cooked, and no longer pink in the center. The temperature should be at least 165 degrees F (measured with an instant-read thermometer) in the center of the meatballs.
Sprinkle with fresh chopped cilantro, if desired and serve with dipping sauce.