Cook chorizo, ground beef, onion, and green pepper in a large skillet over medium heat until browned, stirring until meat crumbles; drain. Stir in beans and next 3 ingredients.
Wrap tortillas in aluminum foil; heat at 350° for 15 minutes. Working with 1 tortilla at a time, spoon about 1/3 cup meat mixture just below center of tortilla. Fold over left and right sides of tortilla to partially enclose filling. Fold remaining edges to form a rectangle, and secure with a wooden pick. Repeat procedure with remaining tortillas and meat mixture.
Pour vegetable oil to depth of 2 to 3 inches into a Dutch oven; heat to 375°. Fry filled tortillas in hot oil 1 to 2 minutes or until golden. Drain. Remove wooden picks. Place chimichangas on an ungreased baking sheet. Sprinkle with cheeses. Broil 5 1/2 inches from heat (with electric oven door partially opened) 1 minute or until cheese melts. Top with guacamole, sour cream, tomato, and olives.