Preheat the oven to 325°F (163°C). Line a 9x13-inch baking dish with parchment paper, leaving an overhang for easy lifting later.

Mix graham cracker crumbs, 1/4 cup sugar, and melted butter in a bowl. Press the mixture into the bottom of the dish to form a crust. Bake for 10 minutes, then set aside to cool.

Beat cream cheese and 1/2 cup sugar until smooth. Add eggs one at a time, mixing well after each. Stir in sour cream and vanilla extract. Pour the mixture over the cooled crust.

Heat dulce de leche and heavy cream in a small pot over low heat, stirring until smooth. Drizzle the caramel over the cheesecake and swirl gently with a knife.

Bake for 35–40 minutes, or until the surface is set with a slight jiggle in the center. The cheesecake will firm up as it cools.

Let the cheesecake cool completely. Chill in the fridge for at least 4 hours or overnight.

Once chilled, lift the cheesecake from the dish using the parchment paper. Slice into squares and serve cold.