Preheat the air fryer to 375°F (190°C).
In a medium bowl, toss the diced tilapia with olive oil, salt, and black pepper.
Heat a non-stick skillet over medium heat. Add the chopped onion, red bell pepper, and minced garlic. Sauté for 3-4 minutes until softened.
Add the seasoned tilapia to the skillet along with ground cumin, smoked paprika, and chili powder. Cook for 4-5 minutes, stirring occasionally, until the fish is opaque and cooked through.
Remove the skillet from heat and let the filling cool slightly.
Place one empanada dough disc on a clean surface. Spoon about 2 tablespoons of the tilapia filling onto the center of the disc.
Sprinkle about 1 tablespoon of shredded cheddar cheese over the filling.
Fold the dough over the filling to form a half-moon shape. Press the edges together and crimp with a fork to seal tightly.
Repeat the filling and folding process with the remaining dough discs and filling.
Brush the tops of each empanada with the beaten egg to help them brown.
Place the empanadas in the air fryer basket in a single layer, making sure they do not touch. You may need to cook in batches.
Air fry the empanadas at 375°F (190°C) for 12-15 minutes or until golden brown and crispy.
Remove the empanadas from the air fryer and let cool for 2 minutes before serving.