Heat the olive oil in a skillet over medium-high heat.
Add the ground beef, breaking it apart with a spatula, and cook until browned.
Stir in the taco seasoning, salt, and pepper. Cook for another 2 minutes, then remove from heat.
Warm the flour tortillas according to package instructions.
Spread each tortilla with a generous layer of nacho cheese sauce.
Divide the cooked beef evenly among the tortillas, placing it on top of the cheese sauce.
Top the beef with diced tomatoes, sliced jalapeƱos, shredded lettuce, and red onion.
Roll up the tortillas tightly to enclose the filling.
Serve immediately, cutting each wrap in half if desired.