Heat vegetable oil in a large skillet over medium-high heat.
Add ground beef and cook for 7-10 minutes until fully browned, breaking into small crumbles with a spatula.
Drain excess grease from the pan using a colander or spoon.
Add the taco seasoning and water to the skillet. Stir to combine.
Reduce heat to low and simmer for 5 minutes or until the liquid has thickened into a light sauce.
Portion 1/2 cup of cooked rice into each of four bowls.
Top each bowl with equal portions of the seasoned beef.
Layer shredded lettuce, diced tomatoes, and cheese over the beef.
Garnish with jalapeƱos, salsa, and a dollop of sour cream before serving.