Prepare the shrimp: If frozen, thaw completely. Peel and devein if needed, then pat dry thoroughly with paper towels.
Set up the coating: In one shallow bowl, combine flour, garlic powder, paprika, salt, and black pepper. Place the beaten egg in a second bowl and the panko breadcrumbs in a third.
Bread the shrimp: Coat each shrimp in the seasoned flour, dip it in egg, then press gently into the panko until covered. Shake off excess coating.
Preheat the air fryer: Heat to 400°F (204°C) for 3 minutes, unless your model's instructions differ.
Arrange the shrimp: Place the breaded shrimp in a single layer in the air fryer basket, leaving space between pieces. Lightly spray the tops with oil.
Cook: Air fry at 400°F (204°C) for 6–8 minutes, turning halfway through. Check smaller shrimp early and cook until the thickest part reaches 145°F (63°C) internally.
Make the sauce: Whisk together mayonnaise, sweet chili sauce, sriracha, lime juice, and optional honey until smooth. Taste and adjust the heat or sweetness as desired.
Finish and serve: Drizzle the sauce over the cooked shrimp or serve it on the side to preserve crispness. Garnish with green onions if desired and serve immediately.