Taiwo has joined QPR on loan from AC Milan until the end of the season.
The 26-year-old has made just four Serie A starts for AC Milan this season and was expected to leave the club in January.
"I have known of him for a long time and admired him from afar," QPR boss Mark Hughes said.
"To get him now is a fantastic coup and a real statement of intent that we can attract the quality of player that he is.
"He has got great ability, a good reputation in the game and a great personality."
The Nigeria international told the club's official website: "It's a new and exciting challenge for me and one I am very much looking forward to.
"I'm very grateful to Mark Hughes for bringing me here. It is always nice for a player when you know the manager wants you and I will repay his faith in me.
"I can't wait to play for the club. I know only hard work, good performance, dedication, and passion will connect me with the fans but I'm prepared.
"I'm looking forward to what lies ahead and I'm prepared to give my all to the QPR cause."