In a deep fryer, pour vegetable oil to the fill line and set temperature to 360°F.
Separate biscuits, then cut into quarters. Once oil is hot, fry biscuit quarters, turning once, until golden brown and floating, about 3 minutes.
With a slotted spoon, carefully transfer beignets to a paper towel-lined plate.
Sprinkle with powdered or cinnamon sugar and serve immediately.
Tip: If you don’t have a fryer, a Dutch oven works just as well. Fill the pot with 2” of vegetable oil, heat until instant-read thermometer registers 360°F. Fry biscuits in oil, about 1 1/2 minutes per side, until golden brown.