Working with 1 empanada wrapper at a time, cut the dough down the center to make 20 half circles.
Onto 1 half of each half circle, leaving a narrow boarder around the rim to pinch, add 1/2-ounce each guava paste and queso blanco.
Using a finger dipped in water, trace the edges of the half circles to moisten the dough. Fold uncovered half of the dough over the filling, making sure to press out all the air as you work. The final product should resemble a triangle with 1curved side. Using the tines of a fork, dipped in flour, if needed, crimp the sides to seal. Repeat with remaining 19 pastries.
Heat 1-inch of oil in a heavy-bottom skillet to 360 degrees F.
Fry the pastries, in batches, until golden, about 2 minutes. Flip and fry 2 minutes more. Remove to a paper towel lined plate to drain, then transfer to a serving platter. Dust with powdered sugar and drizzle with honey to serve.