Make the dough (skip if using store-bought dough.) Start by pulsing flour and butter in a food processor until pea sized pieces begin to form. Pulse in the water a few tablespoons at a time until a ball of dough forms. Chill for at least 2 hours.
Make the Picadillo filling. Start with oil, onions, and peppers in a pan over medium heat. Once onions become translucent, add sofrito and sauté another minute before adding ground beef. Break the ground beef into smaller pieces as it cooks. Add sazon, adobo, bay leaves, tomato sauce, olives, and water. Bring it to a boil before simmering with a lid partially on, for 10 minutes or until the beef is fully cooked.
Prep the dough. Dust a clean surface with flour and roll dough out to about ¼ inch thickness and cut out circular discs using a large cookie cutter or small bowl. Spoon picadillo over half of each disc, fold the empty dough over top and pinch together with a fork.
Fry. Heat oil to around 350 degrees before frying empanadas on each side for 3-4 minutes or until golden brown and crispy on the edges. Enjoy!