Gather the ingredients.

Stir together flour and pepper in a shallow dish. Lightly beat eggs in a second shallow dish. Stir together coconut and panko in a third shallow dish.

Working one at a time, dredge shrimp in flour mixture; shake off excess. Dip floured shrimp in egg; allow any excess to drip off. Finally, dredge in coconut mixture, pressing to adhere. Place shrimp on a plate. Coat shrimp well with cooking spray.

Preheat the air fryer to 400 degrees F (200 degrees C). Place 1/2 of the shrimp in the air fryer and cook about 3 minutes. Turn shrimp over and continue cooking until golden, about 3 minutes more. Season with 1/4 teaspoon salt. Repeat with remaining shrimp.

Meanwhile, whisk together honey, lime juice, and serrano chile in a small bowl.

Sprinkle fried shrimp with cilantro and serve with honey-lime dip.