Preheat the oven to 425°F and spray a sheet pan with nonstick spray.
Spread the tater tots in a single layer on the sheet pan. Bake for 20-23 minutes until they are golden brown.
While the tater tots are cooking, add the ground beef to a large skillet over medium heat. Using a wooden spoon, break apart the meat and continue to cook until browned. Drain off the grease. Stir in the taco seasoning and water. Continue to cook until the sauce has thickened.
Spread the taco meat and cheddar cheese over the tater tots. Place them back in the oven for 4 to 6 minutes until the cheese is melted.
Top the tater tot nachos with pico de gallo, red onions, cilantro, jalapeños, sour cream, and guacamole, and enjoy!