Preheat the oven to 350 degrees F (175 degrees C).
Heat olive oil in a skillet over medium-high heat. Add ground beef substitute and fry for 1 to 2 minutes. Stir in water and taco seasoning. Continue to cook and stir until cooked through, about 8 more minutes.
Place tortilla chips on an oven-safe plate and top with black beans. Add fried beef substitute and top with Cheddar cheese.
Bake in the preheated oven until cheese is melted, about 5 minutes; make sure the chips do not burn.
Remove from the oven and top with lettuce, salsa, guacamole, and jalapeno peppers.