Place shrimp in a large bowl. Sprinkle flour over the top and toss until shrimp are evenly coated in flour. Beat egg in a separate bowl. Combine panko bread crumbs, paprika, onion powder, salt, and pepper in a third bowl.
Dip each flour-coated shrimp in egg, toss in panko mixture, and place on a baking sheet. Let rest for 5 minutes while the air fryer is preheating.
Preheat air fryer to 400 degrees F (200 degrees C) for 5 minutes.
Spray the basket of the air fryer with cooking spray. Arrange 1/2 of the shrimp in the basket. Mist the top of each shrimp with cooking spray.
Cook for 4 minutes. Using tongs, flip each shrimp over and mist any chalky spots with cooking spray. Cook 4 minutes more. Repeat with remaining shrimp.