Heat olive oil in a large stockpot or Dutch oven over medium high heat. Add ground beef and cook until beef has browned, about 3-5 minutes, making sure to crumble the beef as it cooks; stir in taco seasoning. Drain excess fat.

Stir in Ro*Tel®, tomato paste, spaghetti and 3 cups water. Bring to a boil; cover, reduce heat and simmer until pasta is cooked through, about 13-16 minutes.

Remove from heat and top with cheeses. Cover until melted, about 2 minutes.

Serve immediately, garnished with tomato and cilantro, if desired.