Gather all ingredients. 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 ground beef in the hot skillet until browned and crumbly, 5 to 7 minutes. Mix in water, chili powder, cayenne, salt, and pepper until incorporated.

Lay out tortilla chips on the prepared sheet pan. Top with ground beef mixture.

Cover with jalapeño slices and olives. Sprinkle with Cheddar cheese.

Cook under the preheated broiler until cheese is bubbly and golden brown, 3 to 5 minutes. Serve with sour cream and salsa for dipping.