01 - Set the oven to 400°F to prepare for baking.
02 - Heat olive oil in a large skillet over medium heat. Add the chopped onions and sauté for 2 to 3 minutes until translucent.
03 - Stir in minced garlic and cook for 30 seconds. Add ground beef and cook until browned, about 5 to 6 minutes.
04 - Drain excess fat if necessary. Mix in cumin, smoked paprika, chili powder, salt, and black pepper. Cook for 1 minute, then remove from heat.
05 - Spread tortilla chips evenly on a large ovenproof baking tray.
06 - Distribute the cooked beef evenly over the chips. Sprinkle shredded cheddar and Monterey Jack cheeses on top.
07 - Scatter sliced jalapenos, diced tomatoes, and black olives (if using) over the cheese layer.
08 - Place the tray in the oven and bake for 8 to 10 minutes, until the cheese is melted and bubbly.
09 - Remove from oven, garnish with fresh cilantro, and serve immediately with sour cream and guacamole on the side.