Prep the shrimp: Pat the shrimp dry on both sides with paper towels. Dry shrimp help the coating stick and get crisp.
Season the flour: In a shallow bowl, whisk together the flour, 1/2 teaspoon salt, black pepper, garlic powder, onion powder, paprika, and cayenne if using.
Make the egg wash: In a second bowl, beat the eggs with the mayonnaise (if using) until smooth. The mayo adds a thin, sticky layer that helps the panko cling.
Flavor the panko: In a third bowl, toss the panko with the remaining 1/2 teaspoon salt and drizzle with olive oil.
Stir until the crumbs look lightly coated; this boosts browning in the air fryer.
Preheat the air fryer: Set to 390–400°F (200–205°C) for 3–5 minutes. A hot basket helps the crust crisp on contact.
Dredge the shrimp: Work in batches. Coat each shrimp in seasoned flour (shake off excess), dip in egg, then press into the panko so it adheres well.
Place on a plate as you go.
Load the basket: Lightly spray the preheated basket with oil. Arrange shrimp in a single layer with space between them. Avoid stacking for best results.
Air fry: Cook for 6–8 minutes, flipping halfway.
Shrimp are done when the crust is golden and the shrimp are opaque and curled into a loose “C.” If they look pale, add 1–2 minutes.
Repeat and serve: Cook remaining shrimp in batches. Serve hot with lemon wedges and your favorite dipping sauce.