Add the olive oil and ground beef to a large soup pot. Cook over medium heat until the beef is fully browned. If using a high-fat content beef, drain the excess fat from the pot.

While the beef is cooking, dice the onion and mince the garlic. Add the onion and garlic to the pot with the beef and continue to cook until the onions are soft and translucent.

Add the frozen corn, pinto beans (drained), black beans (drained), and diced tomatoes with green chiles (with juices), and stir to combine.

Add the tomato paste, taco seasoning, ranch seasoning, and water to the pot. Stir to combine. Turn the heat up to high, place a lid on the pot, and bring the soup up to a boil.

Once boiling, reduce the heat to medium-low and let the soup simmer for 15 minutes, stirring occasionally.