Preheat your oven to 450°F. Spray a Bundt pan (12-cup capacity) with cooking spray and set it aside.
In a large skillet over medium-high heat, add the lean ground beef, diced yellow onion, salt, and black pepper. Cook the meat for 6-7 minutes or until there is no pink remaining. Drain as much excess fat as possible from the skillet.
Return the skillet to medium heat and stir in the water and taco seasoning until the ground beef is well coated with the seasoning. Continue to cook for another 2-3 minutes or until most of the liquid has evaporated. Remove from heat.
Begin layering in the Bundt pan by adding half of the shredded cheese to the bottom, followed by half of the ground beef mixture, and then ⅓ of the bag of tortilla chips. Make sure not to pack the chips down into the Bundt pan.
Next, add the remaining shredded Colby jack cheese, the remaining ground beef mixture, and another ⅓ of the tortilla chips. Ensure that you do not overfill the Bundt pan with all the tortilla chips, but aim for an even layer.
Bake the assembled nachos in the oven for 10 minutes.
After baking, remove the Bundt pan from the oven and place a heat-proof large plate (larger than the width of the Bundt pan) inverted over the top of the Bundt pan. Carefully flip the Bundt pan over so that the plate now has the Bundt pan on it upside down. Gently remove the Bundt pan to reveal the nachos on the plate. If any cheese has stuck to the bottom of the pan, carefully remove it and place it back on top of the nachos.
You can serve these Bundt pan nachos as they are, or you can top them with optional toppings such as sour cream, diced tomatoes, and chopped fresh cilantro.
