In a medium mixing bowl, add cocoa powder, cinnamon, sugar, salt, and cayenne. Stir to combine into a hot cocoa spice blend. Reserve 1 tbsp of the spice blend in a small bowl.
Add pepitas and vegetable oil to the medium mixing bowl with the spice blend and mix to thoroughly coat all the seeds.
Line the bottom of the air fryer basket with a single sheet of aluminum foil. Top with hot cocoa seasoned pepitas in a single layer and Air Fry in batches at 385°F for 5-8 Minutes, or until fragrant and toasted. Repeat with any remaining unroasted pepitas.
Toss all roasted pepitas with the reserved 1 tbsp of the spice blend. Serve warm or cooled.