Line a mini muffin pan with 24 paper liners. Set aside.
In a microwave safe bowl, melt the Nutella and coconut oil in the microwave in 30 second intervals until smooth.
Divide Nutella mixture evenly into the prepared muffin pan.
Divide the caramel evenly among the Nutella cups. Using a toothpick, swirl the caramel into the Nutella. Place in the freezer until hardened.