Preheat oven for 375 °F.
Melt margarine or butter.
Sprinkle 1/4 cup pecans in the bottom of a well greased Bundt pan.
Add brown sugar, water, remaining pecans and cinnamon to melted margarine/butter.
Lightly boil 2 minutes.
Cut biscuits in half and cut cream cheese into 40 pieces.
Flatten the biscuit half and shape into a ball around a piece of cream cheese.
Place 20 balls in pan and drizzle with half the caramel sauce.
Repeat layers.
Bake at 375 °F for 25 minutes.