Set an oven rack about 6 inches from the heat source and preheat the oven’s broiler. Line a sheet pan with aluminum foil.
Heat a large skillet over medium-high heat. Cook and stir beef in the hot skillet until browned and crumbly, 5 to 7 minutes. Mix in water, chili powder, cayenne, salt, and pepper.
Lay out tortilla chips on the sheet pan. Top with ground beef mixture. Cover with olives, jalapeno slices, and Cheddar cheese.
Broil until cheese is bubbly and golden brown, 3 to 5 minutes. Serve with sour cream and salsa for dipping.
Substitute pico de gallo for the salsa if preferred.
Use Colby Jack or pepper Jack cheeses instead of Cheddar if desired.
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