01 - Separate the onion slices into individual rings and set aside.
02 - Prepare three shallow bowls: Bowl 1 with flour, salt, and black pepper; Bowl 2 with whisked eggs and milk; Bowl 3 with panko breadcrumbs, smoked paprika, and garlic powder.
03 - Coat each onion ring in the flour mixture, shaking off excess. Dip into the egg mixture, ensuring full coverage, then press into the seasoned panko to adhere evenly.
04 - Preheat air fryer to 400°F. Place coated rings on a tray and spray both sides lightly with olive oil.
05 - Arrange onion rings in a single layer in the air fryer basket, cooking in batches if needed. Air fry for 10–12 minutes, flipping halfway through, until golden brown and crispy.
06 - While onion rings cook, whisk together mayonnaise, sriracha, lemon juice, smoked paprika, and salt until smooth and well combined.
07 - Serve hot onion rings immediately with spicy mayo on the side for dipping.