Bring water to a boil in a saucepan; add rice and 1/4 cup olive oil. Bring liquid back to a boil, reduce heat to medium-low, cover saucepan, and simmer until rice is tender, 20 to 25 minutes.

Heat 1 tablespoon olive oil in a skillet over medium heat; cook and stir chicken and taco seasoning mix until chicken is no longer pink in the center, 5 to 10 minutes. Mix rice, black beans, Mexican cheese blend, olives, and jalapeno pepper into chicken; cook and stir until heated through, about 5 minutes.

Heat a separate skillet over medium-high heat; warm tortillas in skillet until pliable, 1 to 2 minutes per tortilla.

Fill each tortilla with about 1/2 cup chicken-rice mixture, folding tortilla over filling.

Heat bacon grease in a skillet over medium heat; fry the filled tortillas until crispy, 2 to 3 minutes per side.