Place sliced potatoes in a large bowl. Toss with olive oil, salt, pepper, garlic powder and paprika.
In a 12-inch cast iron pan, cook bacon until crispy. Set aside.
Pan fry potatoes in bacon fat until brown and crispy. If you prefer to use the baking sheet method, lay potatoes on a baking sheet and bake at 450F for 30 - 40 minutes. Flip halfway.
Clean pan of excess grease. Transfer the potatoes to a cast iron pan, with edges slightly overlapping in a spiral pattern. Top with cheddar cheese, monterey jack cheese, and bacon. Bake or broil until the cheese is melted. Remove the skillet from the oven and let the potatoes rest for a minute.
Serve with sour cream, salsa, green onions or any topping of choice.