01 - Separate the onion slices into individual rings. Discard the smallest centers or reserve for another use.
02 - Arrange three shallow bowls. In the first, combine flour, salt, and black pepper. In the second, whisk together eggs and milk until smooth. In the third, mix panko breadcrumbs with smoked paprika and garlic powder.
03 - Dredge each onion ring in the flour mixture, shaking off excess. Dip into the egg mixture, ensuring full coverage. Press firmly into the seasoned panko, coating completely.
04 - Preheat air fryer to 400°F for optimal crisping.
05 - Arrange coated rings in a single layer on a baking tray. Spray both sides lightly with olive oil spray to promote even browning.
06 - Transfer rings to the air fryer basket in a single layer, working in batches as needed. Air fry for 10–12 minutes, flipping halfway through cooking, until golden brown and crispy.
07 - While onion rings cook, combine mayonnaise, sriracha, lemon juice, smoked paprika, and salt in a small bowl. Whisk until completely smooth and refrigerate until serving.
08 - Serve hot onion rings immediately with spicy mayo on the side for dipping.