Heat olive oil in a large stockpot over medium-high heat. Add ground beef, diced yellow onions, and taco seasoning. Cook until the beef has browned, around 3-5 minutes, ensuring you crumble the beef as it cooks.
Stir in tomato paste and diced tomatoes, mixing well.
Add spaghetti and water to the pot. Bring to a boil, then cover, reduce the heat, and simmer for approximately 15 minutes or until the pasta is cooked through.
Remove the pot from the heat and sprinkle the shredded cheddar and mozzarella cheese over the top. Add diced roma tomatoes and chopped cilantro. Mix until the cheese is melted and the ingredients are well combined.
Serve immediately, savoring the delightful blend of flavors. For an extra touch of freshness, garnish with additional diced tomatoes and cilantro, if desired.