Preheat oven to 400°F. Line a rimmed baking sheet with parchment paper for easy cleanup.
Dice tomatoes, red onion, and avocado. Chop cilantro and cut lime into wedges. Set aside in separate bowls.
Warm olive oil in a skillet over medium heat. Add diced onion and cook for 3 minutes, stirring often, until softened and lightly golden.
Add minced garlic and ground beef. Cook until beef is browned, breaking it into small pieces. Drain excess fat.
Stir in chili powder, cumin, smoked paprika, onion powder, salt, and pepper. Add tomato sauce and mix well. Cook for 2-3 minutes to combine flavors.
Add drained black beans and stir into the beef mixture. Remove from heat.
Spread tortilla chips in a single layer on the prepared baking sheet. Top evenly with beef mixture, then evenly scatter cheddar and Monterey Jack cheeses over the layer.
Bake for 8-10 minutes, or until cheese begins to bubble and lightly brown.
Carefully remove from oven and top with black olives, jalapeños, diced tomatoes, and red onion. Garnish with fresh cilantro and diced avocado before serving.
Serve immediately with a drizzle of sour cream or Greek yogurt and a squeeze of lime.