In a small bowl, toss together the cheese, pepper, and salt until well combined.
Using an air popper, pop the corn kernels into a large bowl. Meanwhile, combine the butter and olive oil in a small bowl. As the large bowl begins to fill with popcorn, alternately drizzle the butter–olive oil mixture over the popcorn and sprinkle it with the cheese mixture, occasionally tossing to coat.
When the popcorn stops popping, use your hands to toss everything together and ensure that the ingredients are evenly distributed. Serve immediately.