Heat the olive oil in a large skillet over medium heat. Add the ground turkey and cook until it is browned and no longer pink, breaking it up with a spatula as it cooks.
Add the diced onion, bell pepper, and minced garlic to the skillet. Cook for 3 to 4 minutes until the vegetables soften.
Stir in the drained black beans, diced tomatoes with green chilies, and taco seasoning. Mix everything together and let it simmer for 5 minutes so the flavors combine.
Sprinkle the shredded cheddar cheese evenly over the top. Cover the skillet for 1 to 2 minutes until the cheese melts.
Remove from heat and serve with chopped cilantro and lime wedges on the side.