Preheat the air fryer to 375°F (190°C).
Heat olive oil in a medium skillet over medium heat.
Add chopped onion and red bell pepper to the skillet and sauté for 3-4 minutes until softened.
Add minced garlic, ground cumin, smoked paprika, chili powder, salt, and black pepper to the skillet. Stir and cook for 1 minute until fragrant.
Add the finely chopped tilapia to the skillet and cook for 4-5 minutes until the fish is opaque and cooked through, stirring occasionally.
Remove the skillet from heat and stir in the chopped cilantro. Let the filling cool slightly.
Place one empanada dough disc on a clean surface. Spoon about 2-3 tablespoons of the tilapia filling onto the center of the disc.
Fold the dough over the filling to form a half-moon shape. Press the edges together and crimp with a fork to seal completely.
Brush the top of each empanada with the beaten egg to give a golden finish when cooked.
Place the empanadas in a single layer in the air fryer basket. Cook in batches if needed to avoid overcrowding.
Air fry the empanadas at 375°F (190°C) for 12-15 minutes or until golden brown and crispy.
Remove from the air fryer and let cool for 2 minutes before serving.