Pat the shrimp completely dry with paper towels. Dry shrimp help the coating stick better and fry up extra crispy.
In one shallow bowl, whisk together the flour, salt, pepper, garlic powder, and paprika. Place the beaten eggs in a second bowl and the panko breadcrumbs in a third bowl.
Coat each shrimp lightly in the seasoned flour, shaking off any excess. Dip it into the beaten eggs, then press it into the breadcrumbs until evenly coated. Arrange the breaded shrimp on a baking sheet while you finish the remaining shrimp.
Heat about 3 inches of oil in a deep pot to 350°F (175°C). Fry the shrimp in small batches to avoid overcrowding the pan.
Cook each batch for about 3 to 4 minutes, turning occasionally, until the shrimp are golden brown and cooked through.
Transfer the cooked shrimp to a wire rack or paper towel-lined baking sheet to drain. Allow the oil to return to 350°F before frying the next batch.
Serve immediately with fresh lemon wedges, cocktail sauce, tartar sauce, or remoulade while the shrimp are still hot and crispy.