Place the cubed potatoes in a large bowl of cold water for 5 minutes to remove excess starch. Drain and pat completely dry with paper towels. Heat the vegetable oil in a large skillet over medium-high heat. Once hot, add the potatoes in a single layer (cook in batches if needed). Fry for 12-15 minutes, turning occasionally, until golden brown and crispy. Season with salt, pepper, garlic powder, and smoked paprika. Transfer to a paper towel-lined plate.

In a separate skillet, heat olive oil over medium heat. Add the diced yellow onion and cook for 3-4 minutes until softened. Add the ground beef, breaking it up with a spoon, and cook until no pink remains, about 6-8 minutes. Drain any excess fat. Stir in the taco seasoning and water. Simmer for 3-4 minutes until the liquid is absorbed. Remove from heat.

While the potatoes and meat cook, dice the avocado, tomato, and red onion. Chop the cilantro and slice the jalapeños. Arrange all toppings in small bowls for easy serving.

Divide the crispy potatoes among four bowls. Top each with a portion of the taco meat. Neatly arrange the toppings: a generous sprinkle of cheddar cheese, followed by rows or piles of avocado, tomato, red onion, jalapeños, and cilantro. Add a dollop of sour cream and serve immediately with lime wedges on the side.