Start with 3 medium bowls. Combine flour, salt, and pepper in one. Beat the eggs in the second bowl. Combine Panko and coconut in the third bowl.

Coat each shrimp in the flour mixture, then the eggs, and finally the coconut mixture, pressing gently so the coating adheres. You want plenty of coconut on each shrimp. Place the coated shrimp on a plate or baking sheet while you coat the remaining shrimp.

Add enough oil to cover the bottom of a large skillet over medium heat. Fry the coconut shrimp in batches, such as 7–8 shrimp at a time, and do not crowd them in the pan. Flip after 2 minutes and fry the other side for 2 minutes or until golden brown. If you prefer the shrimp a little darker, fry each side for about 2:30–3 minutes. Place the finished coconut shrimp on a paper towel–lined plate and continue cooking the remaining batches.

Mix Thai chili sauce and preserves together and serve alongside the shrimp. Garnish with chopped scallions, cilantro, and/or lime wedges, if desired.

Store leftover shrimp tightly covered in the refrigerator for up to 3 days.