Preheat oven to 375 degrees F (190 degrees C). Lightly coat baking sheets with cooking spray.

Stack tortillas and cut into 8 wedges, to make 48 wedges total. Arrange wedges in a single layer on prepared sheets and lightly spray with cooking spray.

Bake in preheated oven until crisp and golden, about 10 minutes. Slide onto wire rack to cool.

In a small saucepan over low heat, melt chocolate. In another small saucepan over low heat, melt caramels with water.

Place a sheet of waxed paper under rack with tortillas. Working with about 12 at a time, drizzle chocolate and caramel over tortillas using a fork. Let stand on waxed paper to set. You may need to remelt between batches. When set, store in an airtight container between layers of waxed paper.