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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 ½ 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 ¼ 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.