In a large oven-safe skillet or Dutch oven, heat the olive oil over medium-high heat. When the oil shimmers, add the ground beef and onion. Cook, breaking up the meat as it cooks, until the beef is no longer pink, about 5-7 minutes. Drain off fat. Add the garlic, chili powder, smoked paprika, cumin, salt, oregano and cayenne; cook for 1 minute. Stir in the taco sauce, water and diced tomatoes with their juices. Bring to a boil; stir in the rice. Cover and reduce the heat to low. Cook the rice (covered) for 15-17 minutes, stirring occasionally so that the rice doesn't stick to the pan. The rice will be starting to get tender at this point, but it will still be a bit hard.