Cook pasta according to package directions. Meanwhile, in a skillet, cook beef over medium heat until no longer pink; drain. Add water and taco seasoning; simmer, uncovered for 15 minutes.
Rinse pasta in cold water and drain; place in a large bowl. Add beef mixture, cheese, green pepper, onion, tomato and olives; mix well. Add the dressing and toss to coat.
Cover and refrigerate for at least 1 hour.