Preheat your air fryer to 350°F.
Layer tortilla chips in the air fryer basket.
Sprinkle shredded cheddar and Monterey Jack cheese evenly over the chips.
Add ground beef or chicken, if using, along with jalapeños.
Air fry for 4-5 minutes until cheese is melted and chips are crispy.
Carefully remove and transfer to a plate.
Top with diced tomatoes, green onions, sour cream, guacamole, and black olives.
Serve immediately and enjoy!