In a microwave safe container, melt 20 caramels with 1 cup apple pie filling. Stir in remaining pie filling and ground cinnamon. Allow to filling to cool completely.
Place 2 tablespoons caramel apple filling on one half of each dough round, leaving a 1/4-inch border around the filling. Brush border with water; fold dough over filling to enclose completely. Press edges to seal, then press to crimp with hands. Chill finished pastries in freezer for 10 minutes before cooking.
Attach a deep-frying thermometer to the side of large heavy-bottomed pot or dutch oven, heat 2-inches of oil, over medium-high, to 340°F.
Line two baking sheets with paper towels. Working in batches, fry empanadas until they are light brown in color and crisp, about 5 minutes a batch, transfer empanadas to prepared towel lined baking sheets. Cool slightly before serving.
Tip: Copycat Taco Bell Caramel Apple Empanda’s can be formed and chilled in the refrigerator up to one day ahead; or frozen and thawed before cooking.