To make your bean dip, drain and rinse your beans in a fine mesh strainer in the sink. Add the beans to a food processor or blender, along with the other bean dip ingredients. Pulse or blend until you have a paste. Spread the bean dip in the bottom of a pie dish.
For the sour cream layer, in a small mixing bowl, whisk together your sour cream, mayo, and seasonings. Gently spread it over the bean dip layer.
Prepare your toppings. Rinse and pat dry your red pepper, cut out its stem, and cut the pepper in half. Remove and discard the membrane and seeds. Slice the pepper half into strips and then slice those into small pieces. Pat the cut up peppers dry with a paper towel and sprinkle them on top of the sour cream layer.
Rinse your tomatoes and pat them dry. Cut out the core of each tomato and cut the tomatoes in half. Gently squeeze each tomato half over the sink as you scrape out the seeds. Chop up the tomatoes, pat them dry, and add them in a layer on top of the peppers.
Shred your cheddar until you have 1 cup. Sprinkle the cheese on top of the tomatoes.
Rinse your green onions and pat them dry. Slice off the root end and discard. Trim off the tips of the green parts if they look wilted. Using kitchen scissors if you have them, cut the green onions into small rings. Sprinkle almost all of them on top of the cheese layer, saving a few for garnish.
Drain and rinse your olives in a fine mesh strainer in the sink. Pat them dry. Slice up the olives into threes and add dot them over the cheese and green onions.
If desired, you can garnish the center of the dip with a small mound of extra diced peppers sprinkled with green onion slices.
Store the dip covered in the refrigerator until it's time to serve. Serve it with the tortilla chips and enjoy!