Sauté peppers in olive oil for 3 to 5 minutes or until tender.
Separate refrigerated biscuits, and cut into quarters; place in a large mixing bowl. Fold in peppers, 2 tablespoons melted butter, and fajita seasoning, tossing to coat.
Layer biscuit mixture and cheese in a lightly greased 10-inch tube pan.
Bake at 400° for 15 minutes or until golden brown. Let stand in pan for 5 to 10 minutes. Invert onto a serving plate; brush with melted butter.