01 - Pat shrimp dry with paper towels, then season evenly with salt and black pepper.
02 - Place flour in one bowl; whisk eggs with water in a second bowl; combine shredded coconut and panko breadcrumbs in a third bowl.
03 - Dredge each shrimp in flour, then dip into egg wash, and finally coat thoroughly with the coconut and breadcrumb mixture.
04 - Pour oil to a depth of 1 inch in a large skillet and heat over medium-high until shimmering.
05 - Fry shrimp in batches for 2 to 3 minutes per side until golden brown and crisp; transfer to paper towels to drain excess oil.
06 - Whisk together sweet chili sauce, lime juice, and soy sauce in a small bowl until combined.
07 - Plate shrimp while hot and serve immediately alongside the prepared dipping sauce.