Preheat your oven to 350°F (175°C). Grease a mini Bundt pan with cooking spray or butter.
In a large mixing bowl, combine the melted butter, garlic powder, onion powder, smoked paprika, salt, and black pepper. Mix well.
Open the cans of biscuit dough and cut each biscuit into quarters. Add the biscuit pieces to the bowl with the butter mixture and toss until evenly coated.
Fold in the shredded cheddar cheese and diced jalapenos, ensuring they are distributed throughout the biscuit pieces.
Layer the coated biscuit pieces into the prepared mini Bundt pan, pressing down gently to pack them in.
Bake in the preheated oven for 25-30 minutes, or until the top is golden brown and a toothpick inserted in the center comes out clean.
Allow the monkey bread to cool in the pan for about 5 minutes before inverting it onto a serving plate. Garnish with chopped cilantro if desired.