Use an electric hand mixer to whip the cream and powdered sugar in a large mixing bowl. Start on a low speed and increase the speed as the cream thickens until it begins to form soft peaks.
Gently fold in the condensed milk, cocoa powder, and half of the caramel sauce using a large spoon or spatula. Gently fold the mixture until no dry clumps of cocoa powder remain and the ingredients are homogenous.
Pour the ice cream mixture into a large plastic container or a 9x5 inch loaf pan. Drizzle the remaining caramel over the top Cover with plastic wrap. Freeze for at least 5 hours, or overnight.
Allow to thaw slightly before dishing up with an ice cream scoop.