Preheat oven to 350° Fahrenheit. Line baking sheet with parchment paper and set aside.
In large pan over medium-high heat, melt butter. Add ground beef and cook until browned, approximately 5 minutes, stirring occasionally.
Drain ground beef, then add onions and bell peppers. Cook until vegetables are soft.
Add taco seasoning, tomato paste, and water. Stir until combined, then cook until mixture thickens, stirring occasionally. Remove from heat.
Place shredded cheese and cream cheese in large bowl. Microwave 1 minute, then stir and microwave one additional minute.
Stir in eggs, almond flour, salt, and xanthan gum. Mix until dough forms.
Use disher or cookie scoop to scoop dough into 12 balls. Flatten each ball into discs, each approximately ¼-inch thick.
Dollop 1-3 tablespoons of filling into center of each dough disc, being careful not to overfill.
Fold top edge of dough disc over filling to meet bottom edge of dough, forming a half moon shape. Press edges together with tines of fork or pinch to seal. Place folded empanada on baking sheet and repeat until all empanadas are folded in half. Lightly brush outside of empanadas with egg wash.
Bake in preheated oven for 20 minutes or until golden brown outside and cooked through. Remove from oven and serve warm.