This is a great way to get kids interested in reading the Bible.
First, have them pick a story, any story in the Bible. Have them read it a few times and think about it (What is the moral of this story? How can I learn from it? etc.).
Then have them summarise their story. Once they have summarised it and gone through the writing process, they can turn it into a script and act it out.
Have them practice for a few days. Then on performance day, they can bring in costumes and props. It might be fun to invite parents, other classes, or even record it so they can see what they were like.
It not only makes them excited about reading the Bible, but it enriches their language arts skills as well.