In a large skillet coated with cooking spray, heat the ground beef and chopped peppers over medium heat for 6-8 minutes, or until the beef is no longer pink and the vegetables are tender. Crumble the beef and drain any excess fat.
Add the salsa, corn, and water to the skillet, stirring to combine. Bring the mixture to a boil.
Stir in the tortilla strips, then reduce the heat to a simmer. Cover the skillet and cook for 10-15 minutes, allowing the tortillas to soften.
Sprinkle the shredded cheese over the top, cover, and cook for an additional 2-3 minutes, or until the cheese has melted.
Serve the dish with a generous dollop of fat-free sour cream for added richness and flavor.