Heat olive oil in a large stockpot over medium-high heat. Add ground beef, onions and taco seasoning. Cook until beef has browned, about 3-5 minutes, making sure to crumble beef as it cooks.

Stir in tomato paste and diced tomatoes, then stir. Add spaghetti and water. Bring to a boil; cover, reduce heat, and simmer until pasta is cooked, about 15 minutes.

Remove from heat and stir in both cheeses. Mix until melted. Enjoy!!