In a large bowl, with an electric mixer, combine cream cheese, sour cream, and seasonings together until smooth.
Stir salsa, olives, peppers, and cheddar cheese into the cream cheese mixture. Set aside.
Lay tortilla flat on a hard surface. Spread 2 heaping tablespoons of cream cheese mixture onto each tortilla leaving about ½ inch around the edge of the tortilla.
Roll up tortilla jelly roll style. Wrap in plastic wrap and refrigerate for at least 2.