In large bowl combine cream cheese, sour cream and taco seasoning Mix until blended.
Spread cream cheese mixture in the bottom of a 9x13-inch baking dish. Layer lettuce, cheddar cheese, pepper jack cheese, tomato, pepper and black olives on top.
Cover and chill at least 30 minutes
Note: Cream cheese mixture may be made ahead of time and refrigerated covered until assembly. Vegetables and cheese may be prepped ahead of time and stored separately in the refrigerator.