In a 4- to 6-quart slow cooker, add the tomato sauce, lime juice, onion, cumin, garlic powder, and red pepper flakes and whisk together. Add the ground beef. With a wooden spoon, break up the beef and stir together with the tomato sauce mixture.
Cover and cook on LOW for 6 hours. Stir to mix thoroughly. Top the mixture with the cheddar cheese.
Cover and cook on LOW for 15 or until the cheese melts.
Serve topped with the olives, sour cream, and cilantro.