Heat olive oil in a large skillet over medium-high heat.
Add the lean ground beef and cook until fully browned, using a spatula to break the meat into small, uniform crumbles.
Drain any excess fat from the skillet if necessary.
Stir in the sofrito and cook for 2 minutes until fragrant.
Add the tomato sauce, sazón, oregano, and garlic powder, stirring to coat the meat evenly.
Incorporate the diced potatoes, olives, and water.
Reduce heat to medium-low, cover the skillet, and simmer for 15 to 18 minutes, or until the potatoes are tender.
Remove the lid and cook for an additional 2 minutes if a thicker consistency is desired.
Season with salt and pepper to taste before serving with white rice.