In a shallow bowl, combine the flour, garlic powder, paprika, salt, and black pepper. Mix well.
In a second shallow bowl, beat the eggs until well combined.
In a third shallow bowl, combine the shredded coconut and panko breadcrumbs.
Dip each shrimp first into the flour mixture, shaking off any excess, then into the beaten eggs, and finally into the coconut-panko mixture, pressing gently to adhere. Place the coated shrimp on a plate.
In a large skillet, heat about 1/2 inch of vegetable oil over medium heat until shimmering.
Carefully add the shrimp in batches, making sure not to overcrowd the pan. Fry for about 2-3 minutes on each side or until golden brown and crispy.
Remove the shrimp from the skillet and place them on a paper towel-lined plate to drain excess oil.
Serve the crispy coconut shrimp warm with sweet chili sauce for dipping.