01 - Pat shrimp dry with paper towels then season evenly with salt and black pepper.
02 - Place flour in a shallow bowl. In a second bowl, whisk together eggs and water. In a third bowl, combine shredded coconut and panko breadcrumbs.
03 - Dredge each shrimp first in flour, then dip into egg wash, and finally press firmly into the coconut-panko mixture to ensure even coating.
04 - Heat vegetable oil in a deep skillet or saucepan over medium-high heat until temperature reaches 350°F.
05 - Fry shrimp in batches, cooking each side for 2 to 3 minutes until golden brown and crisp, taking care not to overcrowd the pan.
06 - Remove shrimp with a slotted spoon and place on a paper towel-lined plate to drain excess oil.
07 - In a bowl, whisk together sweet chili sauce, lime juice, sriracha if using, and chopped cilantro until combined.
08 - Present the crispy shrimp hot alongside the chili sauce for dipping.