Defrost frozen pastry discs.
Cut cream cheese and guava paste into 1/8 to 1/4-inch slices.
Fold pastry disc in half and seal edges by pressing down with the tines of a fork.
Fill a deep saucepan with oil to about 2 1/2 inches deep. Heat oil over medium-high heat until hot but not smoking (350°F on deep-fry thermometer). Fry empanadas in batches until crispy and golden brown, flipping once, 4 – 6 minutes. Transfer to paper towels to drain. Sprinkle sugar over empenadas and let cool.
You will have leftover cream cheese and guava paste. Store in refrigerator for a later use.