Preheat oven to 350 degrees.
Cut biscuits in half (or quarters. A pizza cutter works well for this.
Cut pepperoni slices into little pieces. A pizza cutter works well for this, too.
In a large bowl, mix together olive oil, parsley flakes, garlic powder, Mozzarella cheese, Parmesan cheese, and red pepper flakes.
Add pepperoni pieces and biscuit pieces to the bowl with the oil, cheese, and spice mixture.
Mix until all of the pieces of bread are evenly coated with the oil and cheese.
Pour mixture into a well greased bundt pan or two well greased (8 1/2 by 4 1/2 inch) loaf pans.
Bake for 30 - 40 minutes or until biscuit dough is cooked through. (Place a cookie sheet or a sheet of foil under the pans to prevent them dirtying up the oven if they overflow.
Allow to cool in the pan for 5 to 10 minutes to allow some of the oil released to be reabsorbed.
Invert onto a plate while still warm. (Be careful of the oil that may still be in the pan.)
Serve with pizza sauce or ranch dressing for dipping.