01 - Separate the onion slices into individual rings. Discard very small centers if desired.
02 - Arrange three shallow bowls. Bowl 1: whisk flour, salt, and pepper. Bowl 2: beat eggs with milk. Bowl 3: mix panko with smoked paprika and garlic powder.
03 - Coat each onion ring in flour mixture, shaking off excess. Dip into egg wash, then press into panko mixture to coat evenly.
04 - Heat air fryer to 400°F for 3-5 minutes before cooking.
05 - Arrange rings in single layer without crowding. Lightly spray tops with olive oil. Air fry 10-12 minutes, flipping halfway, until golden brown and crispy.
06 - Whisk mayonnaise, sriracha, lemon juice, smoked paprika, and salt in small bowl until smooth and creamy.
07 - Transfer hot onion rings to serving plate. Accompany with spicy mayo for dipping.