01 - Pat the shrimp dry with paper towels. Season with salt and pepper.
02 - Arrange three shallow bowls: place flour in the first; whisk eggs and milk in the second; combine shredded coconut and panko in the third.
03 - Dredge each shrimp in flour, shake off excess, dip into the egg mixture, then coat thoroughly in the coconut-panko mixture, pressing gently to adhere.
04 - Heat oil in a deep skillet or saucepan over medium-high heat to 350°F.
05 - Fry shrimp in batches for 2–3 minutes per side, or until golden brown and crispy. Drain on a paper towel-lined plate.
06 - In a small bowl, mix sweet chili sauce with lime juice and cilantro.
07 - Serve shrimp hot with the sweet chili sauce on the side.