Prep the shrimp and veggies: Pat the shrimp dry with paper towels. Slice peppers and onion into thin strips so they cook evenly.
Make the seasoning: In a large bowl, mix oil, lime zest and juice, garlic, chili powder, cumin, smoked paprika, oregano, salt, pepper, and cayenne if using.
Toss everything: Add the peppers and onions to the bowl and toss to coat.
Scoop them into the air fryer basket in an even layer. Add the shrimp to the remaining marinade and toss gently.
Cook the veggies first: Air fry peppers and onions at 390°F (200°C) for 6 minutes, shaking halfway. They should be softened with some edges starting to char.
Add the shrimp: Open the basket, spread the shrimp on top of the veggies in a single layer if possible.
Air fry for 4–6 minutes more, shaking gently at the 3-minute mark. Shrimp are done when opaque and just curled, 120°F–125°F internal temperature.
Warm the tortillas: While the shrimp cooks, warm tortillas in a dry skillet, over a gas flame for light char, or wrapped in a damp towel in the microwave for 20–30 seconds.
Taste and adjust: Squeeze a little extra lime over the shrimp and veggies. Add a pinch of salt if needed.
Build your fajitas: Fill tortillas with the shrimp and veggie mix.
Top with cilantro, avocado, salsa, and any other favorites. Serve immediately.