Slice the cream cheese into 1/4 inch slices. Dice the guava into 1/4 inch cubes.
Take 1 slice of cream cheese and place on half of empanada disc. Top with a few cubes of guava paste. Fold dough over and press edges to seal. Crimp edges with a fork. Repeat with remaining ingredients.
To cook, heat 1/2 inch of oil in a frying pan over medium heat. Add empanadas to pan, but do not over-crowd. Cook for about 2 minutes, or until golden brown. Flip empanada and cook for another 2 minutes. Drain on paper towels. Continue process until all the empanadas have been fried.
If you cannot find empanada discs in the freezer section, you can substitute refrigerated pie dough instead.