Prepare the shrimp: Peel and devein the shrimp if necessary. Pat them dry with a paper towel to remove any excess moisture.
Set up dredging stations: In three separate bowls:Mix the flour with salt, pepper, and baking powder in the first bowl.Beat the eggs in the second bowl.Combine the coconut flakes and panko breadcrumbs in the third bowl.
Coat the shrimp: Dip each shrimp first into the flour mixture, ensuring it’s evenly coated. Then, dip it into the beaten eggs, followed by the coconut-panko mixture, pressing gently to make sure the shrimp are fully coated.
Fry the shrimp: Heat vegetable oil in a deep pan over medium heat. Once the oil is hot (about 350°F), fry the shrimp in batches for 2-3 minutes on each side, or until golden brown and crispy. Remove from oil and drain on paper towels.
Prepare the dipping sauce: In a small bowl, combine the mayonnaise, sweet chili sauce, horseradish, lime juice, and garlic powder. Whisk until smooth and set aside.
Serve: Plate the coconut shrimp and serve immediately with the dipping sauce on the side.