01 - Pat shrimp dry with paper towels and season evenly with salt and black pepper.
02 - Arrange three shallow bowls: one with flour, one with beaten eggs mixed with water, and one with combined shredded coconut and panko breadcrumbs.
03 - Dredge each shrimp first in flour, then dip into egg wash, and finally press thoroughly into the coconut-panko mixture to evenly coat.
04 - Pour vegetable oil into a large skillet to a depth of 1 inch and heat over medium-high until reaching frying temperature.
05 - Fry shrimp in batches for 2 to 3 minutes on each side until they are crisp and golden brown; drain on paper towels.
06 - Whisk together sweet chili sauce, lime juice, and soy sauce in a small bowl until combined.
07 - Serve the shrimp hot accompanied by the prepared dipping sauce.