Start by mixing the arepa flour, cheese, sugar, 4 tbsp. of water, and 1/4 tsp. salt in a bowl.
Pour in 2 cups of water and mix with ingredients until the water is just incorporated. Let stand for 1-2 mins until water is absorbed and a soft dough forms (dough should feel and look like play dough at this stage).
Take 3 tbsp. of dough and create a ball in your hand, flattening between your palms. Gently press to form a 1/4" thick patty and repeat process with remaining dough. Keep patties under a damp paper towel so they don't dry out while waiting to be fried.
Heat oil of choice above in a large saute pan on medium-low heat and fry in batches (4-5 arepas in the pan per batch, depending on the size of your saute pan).
When the pancakes are golden brown, flip them over only once. Once both sides are golden brown, they're ready to remove from the pan. Take the pancakes out and drain the oil by placing them on a heat-safe plate on top of 2-3 layered paper towels.
Can be served with butter and jam of your choice, fresh dips or salsas, guacamole, taco ingredients, or with coffee!