01 - Heat olive oil in a large skillet over medium heat. Add chopped onion and cook for 2 to 3 minutes until softened.
02 - Add minced garlic and cook for 30 seconds. Incorporate ground beef, breaking it into pieces, and cook until no longer pink, approximately 5 minutes.
03 - Mix in chili powder, cumin, smoked paprika, salt, black pepper, and water. Simmer for 2 to 3 minutes until most of the liquid evaporates. Remove from heat.
04 - Set oven temperature to 400°F (200°C).
05 - Spread tortilla chips evenly in a single layer on a large baking sheet or oven-safe platter.
06 - Distribute the cooked beef mixture over the tortilla chips, then sprinkle with cheddar and Monterey Jack cheeses evenly.
07 - Bake for 8 to 10 minutes until cheese melts fully and is bubbly.
08 - Remove from oven and top with diced tomato, sliced jalapeño, black olives, spring onions, and chopped cilantro.
09 - Serve immediately accompanied by sour cream, salsa, and guacamole.