QPR confirm Taiwo capture on loan from Milan
Hughes said the 26-year-old AC Milan left-back, who arrived in Serie A from Olympique Marseille last year, had been on his radar for some time.
"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. I am looking forward to working with him," he told the club website.
Taiwo said he was looking forward to the challenge of the Premier League.
"It has always been a dream of mine to play in this league," he said. "Wherever you go in the world, people always talk about the Premier League and it will be nice to play in a country that speaks the same language as me."
QPR, who returned to the top flight this season after a 15-year absence, are 16th in the 20-team Premier League and two points clear of the relegation zone.
Former Wales boss Hughes was appointed manager this month after Neil Warnock was sacked following a run of poor performances.