Heat refried beans in a medium saucepan over medium heat. Add diced green chilies and taco seasoning to beans. Stir and cook until combined and heated through. Spread beans onto a large platter. Let stand 5 to 10 minutes to let beans cool.

Sprinkle one cup cheddar cheese evenly over beans. Then carefully spread sour cream over cheese, with the back of a spoon. Next, carefully spread guacamole over the sour cream. Sprinkle the remaining cup of cheese over guacamole.

Sprinkle sliced black olives over guacamole then top with pico de gallo. Serve immediately with tortilla chips! If serving later, cover with saran wrap and store in fridge for up to 24 hours.