Preheat the oven to 350 degrees F (175 degrees C). In a medium bowl, mix together the baking mix and water to form a smooth dough. Set aside.
Spread half of the chili into the bottom of a 1 1/2 quart casserole dish. Make a layer of the hot dogs over the chili. Cover the hot dog layer with cheese, then top with the rest of the chili. On a lightly floured surface, roll out the biscuit dough to 1/4 inch thickness. Lay the dough over the contents of the dish, and poke a few slits to vent steam.
Bake for 15 to 25 minutes in the preheated oven, or until the top crust is golden.