3D engineering of matter has opened up new avenues for designing systems that can perform various computational tasks through light-matter interaction. Here, we demonstrate the design of optical networks in the form of multiple diffractive layers that are trained using deep learning to transform and encode the spatial information of objects into the power spectrum of the diffracted light, which are used to perform optical classification of objects with a single-pixel spectroscopic detector. Using a time-domain spectroscopy setup with a plasmonic nanoantenna-based detector, we experimentally validated this machine vision framework at terahertz spectrum to optically classify the images of handwritten digits by detecting the spectral power of the diffracted light at ten distinct wavelengths, each representing one class/digit. We also report the coupling of this spectral encoding achieved through a diffractive optical network with a shallow electronic neural network, separately trained to reconstruct the images of handwritten digits based on solely the spectral information encoded in these ten distinct wavelengths within the diffracted light. These reconstructed images demonstrate task-specific image decompression and can also be cycled back as new inputs to the same diffractive network to improve its optical object classification. This unique machine vision framework merges the power of deep learning with the spatial and spectral processing capabilities of diffractive networks, and can also be extended to other spectral-domain measurement systems to enable new 3D imaging and sensing modalities integrated with spectrally encoded classification tasks performed through diffractive optical networks.