In a medium saucepan over low heat, melt butter. Stir in cream cheese and heavy whipping cream until smooth. Gradually add shredded cheddar cheese, stirring until fully melted. Remove from heat and set aside.

In a large skillet, heat over medium-high heat and add ground beef. Cook for 5-7 minutes until browned. Drain excess fat, stir in taco seasoning and water. Simmer for 5 minutes until thickened.

In another skillet, heat olive oil over medium heat. Add low-carb tortillas 2-3 at a time, fry for 1-2 minutes on each side until golden brown. Drain on paper towels.

Assemble the crunchwraps by laying one crispy tortilla flat. Spoon seasoned beef in the center, drizzle with cheese sauce, add a smaller tortilla on top, then sour cream, shredded lettuce, and diced tomatoes. Finish with extra cheese.

Fold the edges of the large tortilla over the filling, seam-side down. In the same skillet, heat more olive oil over medium heat. Place the crunchwrap seam-side down and cook for 3-4 minutes on each side until golden brown.

Allow the crunchwraps to rest for 1 minute before cutting in half. Serve warm with cilantro and sliced jalapeños.