Heat olive oil in a skillet over high heat. Season steak with salt and pepper and add to skillet. Cook for about 5 minutes on each side. Remove from heat and allow to rest for 5 minutes before slicing.
Fill an oven-safe skillet with tortilla chips. Top with sliced steak, cheddar cheese and Jack cheese. Bake for 10 minutes, or until cheese is fully melted.
Remove from the oven. Top with guacamole, sour cream, pico de gallo, jalapenos, cilantro, or any other nacho toppings you desire.