Heat coconut oil over a large skillet over medium high heat.
Add onions and stir and cook until they are translucent, about 5 minutes.
Add garlic and chopped bell pepper and cook for 5 minutes until they are soft.
Add tomato paste, chili powder, cumin, oregano, and cayenne, and stir with the vegetables for about 1 minute.
Add diced tomatoes with salt and pepper, stir and bring it to simmer. Lower the heat to medium low and let it cook for 8 minutes until the sauce starts to reduce.
Stir in sliced black olives, and crack the eggs on top of the sauce without breaking the yolk. Make sure they are evenly spaced over the sauce.
Bring down the heat to low, cover the pan, and allow the eggs to cook for 8-10 minutes, depending on how runny you want the yolk.
Layer the cheese over the eggs, if using, and cover for an additional 30 seconds to let it all melt.
Remove from heat and garnish with avocado slices and chopped cilantro.
Serve with warm tortillas, or eat it on its own!