In a large bowl , add the avocados and mash into a chunky paste. Add the red onion, jalapeƱo, lime juice and cilantro; stir until everything is combined. Set aside.
Cut the yellow onions into 1-inch slices, pull out 15 to 20 rings and place onto a baking sheet lined with parchment paper.
Fill the inside of each onion ring using about 3 tablespoons of guacamole. Insert a cube of cheese into each ring and freeze for at least 30 minutes, or until solid.
In a shallow baking dish, whisk together the flour, cumin, paprika, cayenne, salt and pepper. Add the eggs to another shallow dish and then the breadcrumbs and crushed tortilla chips into a third dish. One by one, dip each frozen onion ring into the flour, then eggs and finally breadcrumb mixture.
Heat the oil to 350 degrees F in a large heavy-bottomed sauce pot and fry the onion rings in batches until golden brown, crispy and warmed throughout. Transfer to a paper towel-lined plate and season with an extra pinch of salt.
Add all of the ingredients to a food processor fitted with the blade attachment and process until smooth. Transfer to a small bowl, cover, and refrigerate until needed.