Lightly coat an 8×8” baking pan with nonstick spray and line with parchment paper, leaving a 2” overhang on 2 sides; spray parchment.

Bring sugar, corn syrup, and water to a boil in a medium saucepan over medium-high heat, stirring to dissolve sugar. Cook, swirling pan occasionally, until mixture turns a deep amber color, 8–10 minutes.

Remove pan from heat and whisk in sweetened condensed milk and butter (mixture will bubble vigorously) until smooth. Fit pan with thermometer and return to medium-low heat. Cook, whisking constantly, until thermometer registers 240°. Remove from heat and whisk in teacinnamon, cardamom, white pepper and kosher salt. Pour into prepared pan; let cool. Sprinkle caramel with pearl sugar and orange zest, cut into ¾” pieces, and wrap individually in waxed paper.

Caramels can be made 2 weeks ahead. Store wrapped tightly in plastic in airtight container at room temperature.