Heat olive oil in a large pot or deep skillet over medium-high heat.
Add the ground beef and cook, breaking it apart with a spoon, until browned and cooked through, about 5-7 minutes.
Add diced onion and minced garlic to the pot and cook until the onion is softened, about 3 minutes.
Stir in the undrained can of Rotel diced tomatoes and green chilies.
Add the uncooked penne pasta, beef broth, chili powder, ground cumin, salt, and black pepper to the pot. Stir to combine.
Bring the mixture to a boil, then reduce heat to medium-low. Cover and simmer, stirring occasionally, until the pasta is tender and most of the liquid is absorbed, about 12-15 minutes.
Remove the pot from heat. Stir in shredded cheddar cheese and sour cream until the cheese is melted and the sauce is creamy.
Taste and adjust seasoning if needed. Serve hot.