Heat oil in a deep-fryer or large saucepan to 375 degrees F (190 degrees C).
Cut bread into 3 1/2-inch rounds using a round cutter.
Spread peanut butter into the center of 2 slices of bread, leaving 1/2-inch space around the border. Repeat with the jelly for the remaining 2 slices of bread.
Place 1 slice jelly bread and 1 slice peanut butter bread together and press down edges to form a seal. Repeat with remaining slices.
Place pies in preheated oil and cook until golden and crispy, about 2 minutes per side. Transfer to a plate lined with paper towels. Dust with powdered sugar and serve.
