The value-priced menu item features chili, shredded cheddar cheese, and Fritos corn chips wrapped up in a flour tortilla. There's an option to add onions and/or jalapenos in the app (the jalapenos cost extra at my nearest Sonic [may vary]).
A larger version, the Fritos Chili Cheese Wrap, costs $2.99. It includes the same ingredients but in higher amounts and comes wrapped up in a bigger flour tortilla.
Photo via Sonic.