Cook and stir ground beef in a large skillet over medium heat until crumbly and browned, about 10 minutes; drain grease. Mix water and taco seasoning mix into ground beef, bring to a boil, and reduce heat to low. Simmer ground beef mixture, stirring often, until thickened, 3 to 4 minutes.
Heat chili beans in a saucepan over low heat until simmering.
Spread layers of tortilla chips, ground beef mixture, and chili beans, respectively into a casserole dish; repeat layers until you run out of chips, beef, and beans. Top casserole with Cheddar cheese.
Bake in the preheated oven until cheese is bubbling and tips of exposed tortilla chips are golden brown, about 15 minutes.