Preheat the oven to 350°F. Grease a 13x9-inch baking dish with nonstick cooking spray.
Arrange the biscuits in the bottom of the prepared dish. Press and stretch the dough to cover the bottom and come about halfway up the sides, pinching the seams closed.
Bake the crust for 12 to 15 minutes, until set and just barely beginning to turn golden. Remove from the oven and leave the oven on.
Meanwhile, cook the ground beef in a large skillet over medium-high heat, breaking it apart with a wooden spoon, until no longer pink. Drain off the excess grease.
Stir the taco seasoning and water into the beef. Bring to a simmer and cook about 3 minutes, stirring occasionally, until thickened. Transfer to a bowl and set aside.
Wipe out the skillet. Heat the oil over medium-high heat, add the onion and bell pepper, and cook until tender, about 7 to 10 minutes. Divide the mixture into two equal portions.
In a separate bowl, stir together the sour cream, mayonnaise, half of the shredded cheddar, and half of the peppers and onions.
Spread the seasoned beef evenly over the par-baked crust. Top with the sliced tomatoes, the remaining peppers and onions, and the drained jalapeños.
Spoon the sour cream mixture over the vegetables and gently spread it into an even layer. Sprinkle the remaining cheddar over the top.
Bake uncovered for 30 to 35 minutes, until the filling is hot, the cheese is melted, and the crust edges are golden brown.
Let the casserole rest for 10 minutes before slicing and serving.