Heat the oil in a large skillet over medium-high heat. Add the beef, and cook, stirring occasionally, until completely browned, 8 to 10 minutes. Pour off the excess grease, add the taco seasoning and stir until the beef is well coated. Add the tomato paste, and stir until it darkens to a dull brick red, about 30 seconds. Add 3/4 cup water, bring to a simmer and cook and until the mixture thickens, 2 to 3 minutes. Add the beans, and stir just to warm them through. Remove from the heat, and transfer to an 8-inch square baking dish.
Top the beef-and-bean mixture with an even layer of sour cream, then a layer of Cheddar. Sprinkle the tomatoes, lettuce and black olives and jalapeno if using on top. Serve with tortilla chips.
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