In 12-inch nonstick skillet, heat oil over high heat. Add vermicelli; cook about 2 minutes, stirring frequently, until golden brown.
Reduce heat to medium. Stir in onion and mushrooms. Cook 2 minutes, stirring occasionally.
Stir in tomatoes, chiles, water, cumin and salt. Reduce heat to medium-low; cover and cook 10 minutes, stirring occasionally.
Remove from heat. Sprinkle with cheese. Cover; let stand about 2 minutes to melt cheese.