Preheat a medium saucepan over medium heat. Add the apple pie filling and caramels to the pan and stir frequently until the caramels are completely melted and incorporated with the apple filling. Remove the mixture from heat and set it aside to cool slightly.

Unroll each pie crust onto a clean surface. Using a large coffee mug or a 4-inch round cookie cutter, cut out 5 circles from each crust for a total of 20 rounds.

Place about one tablespoon of the caramel apple filling into the center of each dough circle. Carefully fold the dough over to form a half-moon shape and pinch the edges together firmly to seal.

Melt the butter in a microwave-safe bowl or in a small saucepan over low heat. Brush each empanada with the melted butter.

In a small bowl, mix the granulated sugar and cinnamon together. Sprinkle this mixture generously over the tops of the empanadas.

Place the empanadas in batches into the basket of an air fryer. Do not overcrowd them to ensure even cooking. Air fry at 330°F for 10 minutes, checking occasionally to make sure they do not burn.

Repeat the process with the remaining empanadas until all are golden and crisp.