Move oven rack to lowest position. Heat oven to 400°F. Wrap 12 (4-oz) paper cone cups with nonstick foil.
Unroll dough on work surface. Using rolling pin, roll dough to 20x15-inch rectangle. Cut into 12 (5-inch) squares. Wrap 1 dough square around each cup; press to seal edges. Trim any excess dough at bottom of each cup.
Place on large cookie sheet, open ends down. Bake on lowest oven rack 8 to 10 minutes or until light golden brown. When cool enough to touch, remove and discard foil-covered paper cones.
Place 1/2 meatball in bottom of each cone. In large bowl, mix 3/4 cup of the pizza sauce, the pepperoni, bell pepper and remaining meatball halves. Microwave uncovered on High 2 to 4 minutes or until hot. Spoon about 1/4 cup of the mixture into each baked cone. Top each cone with about 1 tablespoon cheese. Serve hot with remaining pizza sauce.