01 - Preheat the oven to 400°F.
02 - Heat a nonstick skillet over medium heat. Add ground beef and cook, breaking it up, until browned, about 4–5 minutes.
03 - Add onion and garlic; sauté for 2 minutes until softened.
04 - Stir in chili powder, cumin, smoked paprika, salt, and pepper. Cook for 1 minute to release flavors.
05 - Add tomato paste and water. Mix well and simmer for 2–3 minutes until slightly thickened. Remove from heat.
06 - Arrange tortilla chips in a single layer on a large baking sheet or ovenproof platter.
07 - Evenly distribute the beef mixture over the chips.
08 - Sprinkle cheddar and Monterey Jack cheese evenly on top.
09 - Scatter jalapeño slices and black olives (if using) over the cheese.
10 - Bake for 8–10 minutes, or until cheese is fully melted and bubbly.
11 - Remove from oven. Garnish with fresh cilantro. Serve immediately with sour cream, salsa, guacamole, and lime wedges on the side.