In a bowl, whisk together eggs and whole milk. Salt and pepper to taste and then set aside.
In a large skillet over medium-high heat, melt the olive oil with the butter. Add onions and bell peppers and cook until they are soft, about 3 to 4 minutes. Add in diced jalapenos and tomatoes and stir to combine.
Reduce the heat to low and pour the egg mixture into the skillet. Stir gently to cook with the peppers. Once the eggs start to take form, add the tortilla pieces, stirring gently to combine. Top with the grated cheese and chopped cilantro. Serve with fresh tortillas and refried beans.