In a saucepan, melt butter with water over low heat. In a mixing bowl, whisk together flour, salt, and paprika. Gradually mix in the warm butter mixture, kneading until you have a soft dough. Wrap it in plastic wrap and refrigerate for at least 2 hours to firm up.

Heat a skillet over medium heat and add the chorizo. Cook until browned and crumbly, then add the diced potato, chopped onion, and bell peppers, sautéing until tender, about 5-7 minutes. Stir in garlic and spices, then add the scrambled eggs and cheese until well combined.

Roll out the chilled dough on a floured surface to about 1/8 inch thick. Cut into circles, approximately 4-5 inches in diameter. Spoon filling onto half of each circle, fold over, and seal the edges by crimping with a fork.

Preheat your oven to 400°F (200°C). Place empanadas on a baking tray lined with parchment paper. Brush each with the egg wash made by whisking the egg and water together. Bake for about 20 minutes or until golden brown and flaky.