PREHEAT oven to 350°F. Grease 13x9-inch baking dish.
DIVIDE biscuits into quarters; place into prepared baking dish.
COMBINE salsa, beef, chiles, peppers, onions and olives in medium bowl. Pour over biscuits.
BAKE for 20 minutes. Sprinkle with Cheddar Cheese and Monterey Jack Cheese; bake for an additional 10 minutes or until cheese is melted.
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The British Journal of Nutrition has uncovered that capsaicin, (the stuff in peppers that makes them hot) causes people to eat less during and after meals. Hot peppers also seems to increase the number of calories burned, particularly after high-fat meals.