CloudKit cache swallowing all of my storage space

I have an iMac (27-inch, Late 2013) with 500GB flash storage. I store the majority of my personal files including photo and video on iCloud drive.

Recently I've come across an issue. Usually I have around 150GB to 200GB of free storage on my Mac until the other day I got a warning message popup saying my startup disk was almost full. This was a surprise to me because I definitely haven't filled up all of that space myself.

I checked my storage space (image attached) and in fact that was the case. Eventually I found that an CloudKit cache folder (Library/Caches/CloudKit/) was swallowing all of my storage space. When I deleted it everything was back to normal. But then after checking the storage space periodically, within a matter of hours I was back to almost no free space available and apps began acting very strangely.

How can I stop this from happening? Disabling iCloud drive would fix this but I like it and want to continue using it.