Arrange the coating components in 3 large bowls: flour, baking powder, ½ tsp salt and ¼ tsp pepper in one; whisked eggs and a pinch of salt and pepper in another; and bread crumbs and shredded coconut in another, with a final pinch of salt and pepper.
Dip the shrimp into the flour mixture; then dip into the egg, allowing the excess to drip off; finally, dredge in the coconut and bread crumbs, pressing gently to ensure the shrimps are fully coated. Set shrimp aside on a baking sheet while you prep the oil.
Fill a large, wide-rimmed pan with 2-3 inches of oil. Set the pan to medium-high heat and wait until oil is sufficiently heated through.
Working in batches, fry a few coconut shrimp pieces at a time, for 2-3 minutes on each side until they're cooked through. Transfer to a plate lined with paper towels to drain some of the oil.
Serve coconut shrimp with sweet chili dipping sauce.