COOK barbecue sauce and jelly in large skillet on medium heat 2 min. or until jelly is melted and mixture is well blended, stirring frequently.
ADD meatballs; cook 10 min. or until heated through, stirring occasionally.
THREAD 1 meatball onto each of 24 wooden skewers or toothpicks alternately with 1 each pineapple chunk and red pepper piece.