Preheat the oven to 325 degrees F (165 degrees C).

Unwrap 1 package of caramels and place them into a large glass bowl; add water. Microwave on high power, stirring once, until caramel sauce is smooth, about 3 minutes. Let cool a bit, about 5 minutes, so it doesn't cook the cheese or eggs when you add them.

Add cream cheese and vanilla extract to caramel sauce and beat together using an electric mixer on medium speed until well blended. Add eggs 1 at a time, mixing just until blended; do not overblend batter as it will introduce too much air into the cheese mixture and will cause the cake to crack as it bakes.

Pour batter evenly between the pie crusts. Melt remaining caramels in a microwaveable bowl in a microwave, in 10-second increments, 30 seconds to 1 minute total. Drizzle on top of pies, dragging a knife across the lines of caramel to marble the cake.

Bake in the preheated oven until the centers are almost set, about 40 minutes. Let cool, 20 to 30 minutes. Refrigerate at least 3 hours, to overnight if you can.