In a large skillet, heat over medium-high heat. Add the lean ground beef, chopped yellow onion, and diced red bell pepper. Cook for about 7-10 minutes, stirring frequently until the beef is browned and the vegetables are tender. Drain any excess grease.

While the beef mixture cools slightly, grab a mixing bowl and add the biscuit mix. Pour in the water according to the package instructions, stirring until combined. Set aside.

In the skillet with the ground beef mixture, stir in sour cream, mayonnaise, diced green chiles, and taco seasoning mix. Mix well until all ingredients are thoroughly incorporated.

Preheat your oven to 350°F (180°C) and lightly spray a 9x13" baking dish with cooking spray. Layer half of the biscuit mixture in the dish, followed by the beef mixture, and top with the remaining biscuit mixture.

Pour salsa evenly over the top and sprinkle a generous amount of shredded cheddar cheese across the surface.

Bake for 30-35 minutes until the top is golden brown and the edges are bubbling. Allow to cool for a few minutes before serving.