Olga Tchakova was born in the Siberian region of Russia and then lived in Ukhta, Komi ASSR, Russian SFSR, Soviet Union, in the country's Komi Republic. Her father, she said, "had grocery stores in one of the Russian villages that I grew up in". She has an older brother.
She moved to Maine in the United States for a year at age 14, as an exchange student living with the Auclair family in East Winthrop, Maine, while attending Winthrop High School from 1996 to 1997. She returned to attend the University of Maine at Augusta, majoring in financial management.
While vacationing in Los Angeles, California, Fonda was scouted by agent Paul Fisher to pursue modeling, her longtime ambition. After acting in TV commercials, she played a Russian ballerina in the 2009 independent film Love Hurts.

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