In a medium mixing bowl, combine refried beans, water and taco seasoning. Stir mixture until well combine. Spread bean mixture evenly into the bottom of a small casserole dish (I used a 1 1/2 quart 8x6 dish). Sprinkle beans evenly with both grated cheeses.
Peel and mash avocados with a fork, blend in lime juice, onion powder and garlic powder. Spread guacamole mixture evenly over cheese in casserole dish. Dollop sour cream over guacamole and spread evenly (if you want to do it the way I did in the photos, spread 1/4 cup sour cream over guacamole then reserve 1/4 cup. Drizzle the remaining 1/4 cup over completed dip using a snipped ziploc bag). Sprinkle bacon next, followed by tomatoes and olives. Garnish lastly with green onions and chopped cilantro. Season with fresh ground pepper over top to taste. Serve with tortilla chips and store dip covered, in the refrigerator.
*if it's not a very juicy lime you'll probably want to juice the whole lime