Prepare biscuits according to the directions on the package. Place bacon in a large, deep skillet. Cook over medium-high heat until evenly brown. Drain, and set aside.
Heat olive oil in a large skillet over medium heat. Add onion, jalapeno, green chile, salt, and pepper. Fry, stirring, until onions are soft. Whisk together the eggs and milk; pour into the skillet. Stir frequently until eggs are scrambled and cooked through.
Split biscuits in half. Place some of the scrambled egg mixture on the bottom half, criss-cross two slices of bacon over the eggs, then top with shredded Monterey Jack cheese. Place the other half of the biscuits on the top, and serve.
