Heat a smoker to 250°F. In a large bowl, mix the ground beef, egg, breadcrumbs, onion, garlic, cumin, salt, black pepper, ¼ cup of the salsa verde, and diced jalapeño until just combined.
Lay a sheet of parchment on a work surface. Pat the meat mixture into a rectangle about ½ inch thick. Arrange the Queso Oaxaca down the center, leaving a border around the edges.
Use the parchment to help roll the meat around the cheese, then pinch the seam and ends closed so the cheese is enclosed. Shape the loaf evenly and place it seam-side down on the smoker rack.
Smoke until the center reaches 160°F on an instant-read thermometer, checking the temperature in the meat without touching the cheese. Brush the remaining ¼ cup salsa verde over the top during the final 15 minutes of smoking.
Transfer the meatloaf to a cutting board and rest for 10 minutes. Sprinkle with cilantro, then slice gently and serve while the cheese is still warm.