In a large bowl, vigorously whisk the eggs and water until frothy. Set aside.
Slice the corn tortillas into ½-inch strips, then cut them into 2-inch rectangles.
Heat the oil and butter in a large skillet over medium-high heat. Once the butter melts, add the tortilla strips and cook. Stir and toss the chips until they are evenly golden brown and crispy.
Drain the chips on a cookie sheet lined with paper towel. Then toss with the Tex-Mex spice blend.
Add the bell pepper and onion to the skillet. Season with a pinch of Tex-Mex spice blend, and cook until tender.
Add the tortilla strips back into the skillet.
Add the eggs, season with salt, and reduce the heat to low. Cook, stirring to scramble and combine, until most of the moisture has been cooked out.
Stir in the chopped tomato, jalapeño, and cilantro. Cook for a couple minutes more.
Serve topped with cheese.