01 - Separate the onion slices into individual rings and set aside.
02 - Prepare three shallow bowls: first bowl with flour, salt, and black pepper; second bowl with whisked eggs and milk; third bowl with panko breadcrumbs, smoked paprika, and garlic powder combined.
03 - Dredge each onion ring in the flour mixture, shaking off excess. Dip into the egg mixture ensuring full coverage, then coat with seasoned panko, pressing gently to adhere.
04 - Preheat air fryer to 400°F.
05 - Place coated rings on a tray and spray both sides lightly with olive oil.
06 - Arrange onion rings in a single layer in the air fryer basket. Air fry for 10-12 minutes, flipping halfway through, until golden and crisp. Work in batches if necessary.
07 - Whisk together mayonnaise, sriracha, lemon juice, smoked paprika, and salt to taste until smooth.
08 - Serve hot onion rings with spicy mayo on the side for dipping.