Guava-banana fruit leather was made by heat-drying a mixture of guava puree, banana puree, sorbitol, kappa-carrageenan or gum Arabic, and water at 60 °C for 8 h in various formulations (F1 to F6). Each formulation was evaluated for its effect on water activity, texture, surface color, proximate composition, pH, ascorbic acid content, antioxidant activity, and sensory properties. Hydrocolloid kappa-carrageenan was found to be the most significant independent variable affecting the desired properties. However, using gum Arabic was more effective at maintaining both water activity and ascorbic acid levels, as well as improving starch digestibility in vitro. In general, there was no discernible effect of the guava to banana ratio in any formulation. While hydrocolloids have no effect on the texture of guava-banana fruit leather, they do affect other sensory characteristics such as color, aroma, taste, and overall. In general, panelists preferred fruit leather made with a 50:50 (F1), 40:60 (F3), or 30:70 (F6) guava-banana ratio and containing kappa-carrageenan.