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To make the dipping sauce, in a small bowl, whisk together the mayonnaise, Sriracha, and Thai sweet chili sauce. Chill until serving time.
In a shallow dish, add flour and salt and pepper to taste (I like ½ teaspoon and ¼ teaspoon pepper). In a second shallow dish, add eggs and beat lightly. In a third shallow dish, combine panko and coconut. Stir to combine.
Working with one shrimp at a time, dredge in flour and shake off excess. Dip in eggs and tap gently on side of dish to remove excess. Add to panko-coconut mixture and press gently until crumbs adhere. Transfer to a large plate and repeat with remaining shrimp (shrimp can be wrapped in plastic and refrigerated for up to 2 hours).
Line rimmed baking sheet or large plate with 3 layers of paper towels. In a large saucepan over medium-high heat, heat canola oil until shimmering. Add shrimp in batches and fry until deep golden brown and cooked through, about 2 to 3 minutes per side (the shrimp should reach 120 degrees on an internal thermometer).
Drain shrimp well on paper towels. Repeat with remaining shrimp and serve with sauce.