Set out three shallow bowls and a plate lined with paper towels.
In the first bowl, combine the milk and vanilla.
Break the eggs into the second bowl, and whisk well.
Mix together the sugar and ground cinnamon in the third bowl.
Pour the oil into a large, heavy-bottomed pan until it comes to about an inch high. Bring to a medium-high heat but don’t let it smoke.
Submerge each slice of bread into the bowl with the milk mixture until they’re fully coated but not dripping in liquid.
Next, dip the soaked bread into the whisked eggs, again ensuring every side is covered.
Very carefully lower the wet bread slices into the hot oil and let them sizzle for a few minutes until they turn golden brown and crispy on both sides.
Transfer the fried rabanadas to the paper-lined plate and allow any excess oil to drain.
Then roll each rabanada in the cinnamon and sugar until they’re fully dusted with the mixture.
Serve them hot with an optional drizzle of honey or maple syrup for an extra sweet treat.