Heat a large skillet over low-medium heat. Cook the ground beef and onions until the beef is no longer pink. Drain grease if needed, and return meat to the skillet.
Add the water and taco seasoning. Continue to cook until the mixture begins to thicken. Remove from heat.
Open both cans of dough, unroll, and separate into triangles. Using a large baking sheet or pizza pan lined with parchment paper, place the wide sides of the triangles in the center with the tips overlapping. The center should form a circle. The longer tips of the triangle will face outward, and the end result will look like a sunburst.
Spoon the beef around the overlapping portions of the dough to form a large circle. Top the beef with shredded cheese. Pick up the outer point of a triangle and lay it over the top of the meat and cheese. Tuck the point underneath the inside of the circle of dough so the meat and cheese is covered. Continue this around the circle until all the outer points are folded over and tucked into the center.
Bake for 18 to 22 minutes or until the ring is golden brown. Cut into slices and serve with your favorite toppings.