Pat the peeled and deveined shrimp dry with paper towels, then lay them out on a clean plate.

Gather three shallow dishes; fill the first with seasoned all-purpose flour, the second with beaten eggs, and the third with a mixture of sweetened shredded coconut and panko breadcrumbs.

Dredge each shrimp in flour, then dip into beaten eggs, and finally coat with the coconut-panko mixture. Place on a parchment-lined baking sheet.

In a medium bowl, whisk together mayonnaise, sweet chili sauce, lime juice, and sugar until smooth. Adjust flavors to your liking.

Heat vegetable oil in a deep skillet or heavy pan to 350°F (175°C).

Carefully lower breaded shrimp into the hot oil in batches and fry for 2-3 minutes until golden brown, flipping halfway through.

Transfer cooked shrimp to a wire rack over paper towels to drain excess oil.

Serve the coconut shrimp warm alongside the sweet chili mayo dipping sauce.