Start by dicing your potatoes into small, uniform cubes. Smaller cubes ensure they cook through quickly and get crispy. Heat the olive oil in a large skillet over medium-high heat. Add the potatoes in a single layer. Cook them for 8 to 10 minutes, tossing occasionally, until they are golden brown and fork-tender. Remove the potatoes from the skillet and set them aside on a plate.

In the same skillet, add the ground beef and diced onion. Break the meat apart with a wooden spoon and cook until the beef is browned and no longer pink. About halfway through the browning process, add the diced bell peppers. Once the meat is cooked, drain any excess grease from the pan to keep the dish light.

Return the cooked potatoes to the skillet with the beef mixture. Sprinkle the taco seasoning over the top and pour in the water or beef broth. Stir everything well to coat the beef and potatoes evenly in the spices. Let the mixture simmer for 3 to 5 minutes until the liquid has mostly evaporated and formed a light sauce that binds everything together.

Turn off the heat and sprinkle the shredded cheese over the top, letting it melt from the residual heat. Divide the mixture into four bowls. Top each bowl generously with your favorite taco fixings, such as creamy avocado, fresh cilantro, and a dollop of sour cream.