In a skillet over medium heat, brown the ground beef until fully cooked, about 5-7 minutes. Drain excess fat if necessary.
Stir in the taco seasoning and add ¼ cup of water. Cook for an additional 2-3 minutes until the mixture thickens.
While the beef is cooking, prepare your toppings by chopping the lettuce, dicing the tomato, and slicing the black olives if using.
Warm the tortillas in a separate dry skillet or microwave for about 10-15 seconds until pliable.
To assemble the wraps, place a generous portion of seasoned beef in the center of each tortilla.
Drizzle nacho cheese sauce over the beef, then top with shredded lettuce, diced tomatoes, and olives if desired.
Add shredded cheddar cheese and a dollop of sour cream if using.
Fold in the sides of the tortilla and roll it up from the bottom to enclose the filling.
Serve immediately on a plate, with additional nacho cheese on the side if desired.