Brown hamburger in a skillet.

Drain excess fat from the browned hamburger.

Add taco seasoning mix and water to the hamburger and stir well.

Soften cream cheese and sour cream in a bowl.

Blend cream cheese and sour cream together until smooth.

Layer the seasoned hamburger mixture in a baking pan or electric frypan.

Spread the cream cheese and sour cream mixture evenly over the hamburger layer.

Drizzle taco sauce over the cream cheese layer.

Sprinkle chopped onions (if using) over the taco sauce.

Mix cream of nacho soup and cream of Cheddar cheese soup together in a bowl.

Spread the soup mixture evenly over the previous layers.

Sprinkle shredded cheese over the soup layer.

Top with sliced black olives (if using), tomato slices, and green pepper slices.

Bake in a preheated oven until hot and the cheese is melted and bubbly, approximately 30 minutes.

If using an electric frypan, keep the dip warm.

Serve hot with tostada chips for dipping.