Bring a large pot of lightly salted water to a boil. Add pasta and cook for 8 to 10 minutes or until al dente; drain and reserve.
In a large bowl, combine black olives, green olives, Cheddar cheese, Monterey Jack cheese, bacon bits, dressing, onion, ground black pepper and pasta; mix well.
Cover bowl, refrigerate to chill for one hour, and serve.