01 - Preheat the oven to 400°F.
02 - Heat olive oil in a large skillet over medium heat. Add the chopped onion and cook for 2 to 3 minutes until translucent.
03 - Add minced garlic and cook for 30 seconds. Stir in ground beef and cook for 5 to 6 minutes until browned.
04 - Drain excess fat if necessary. Mix in cumin, smoked paprika, chili powder, salt, and black pepper. Cook for one minute then remove from heat.
05 - Spread tortilla chips evenly on a large ovenproof baking tray.
06 - Distribute the cooked seasoned beef evenly over the tortilla chips.
07 - Sprinkle shredded cheddar and Monterey Jack cheeses generously over the beef. Scatter sliced jalapenos, diced tomatoes, and black olives if using on top.
08 - Bake in the preheated oven for 8 to 10 minutes, until cheese is melted and bubbly.
09 - Remove from oven, garnish with fresh chopped cilantro, and serve immediately with sour cream and guacamole on the side.