Pour 2 inches of oil into a 4-quart saucepan. Warm over medium heat until a deep-fry or candy thermometer reads 375°F.
In a large bowl, whisk pancake mix, cornmeal, salt, pepper, cumin and cayenne. Gently stir in corn, red onion, bell pepper, jalapeño chilies and 1 1/3 cups water.
With a spoon, scoop about 2 Tbsp. batter and gently push into hot oil with another spoon; avoid splashing oil. Cook 4 or 5 fritters at a time-any more may result in greasy fritters.
Cook until brown and crisp, 3 to 4 minutes, turning once with tongs to brown evenly. Remove with tongs and drain on a wire rack. Repeat with remaining batter. Serve hot.