Heat a drizzle of olive oil in a skillet over medium heat. Add the ground beef, breaking it into small crumbles. Cook for 7–8 minutes until fully browned.
Tilt the skillet carefully and spoon out extra fat, or drain beef in a colander. This keeps your bowl from being greasy and lets the spices coat the meat evenly.
Sprinkle taco seasoning over the beef and stir thoroughly. Pour in water, bring to a gentle simmer, and cook 5 minutes until the sauce thickens.
While beef simmers, cook or reheat rice and portion it into serving bowls. The rice should be warm to keep the toppings fresh.
Layer seasoned beef over the rice. Sprinkle shredded cheddar so it melts slightly from the heat.
Add a dollop of sour cream, then arrange lettuce, tomatoes, and green onions. Top with jalapeños, salsa, black olives, and cilantro.