In a medium bowl, combine chili powder, ground cumin, smoked paprika, garlic powder, onion powder, crushed red pepper flakes, salt, and black pepper to create the fajita seasoning.
Add the shrimp to the bowl with the seasoning and drizzle with olive oil. Toss to coat the shrimp evenly with the seasoning and oil.
Place the sliced bell peppers and onion in a separate bowl. Drizzle with a little olive oil and toss to coat.
Preheat the air fryer to 400°F (200°C) for 3 minutes.
Place the seasoned shrimp in the air fryer basket in a single layer. Cook for 5 minutes.
After 5 minutes, add the sliced bell peppers and onions to the air fryer basket on top of the shrimp. Cook for an additional 5 minutes, shaking the basket halfway through to ensure even cooking.
Remove the shrimp and vegetables from the air fryer and transfer to a serving dish. Toss gently to combine.
Warm the flour tortillas in the air fryer for 1-2 minutes or in a microwave until pliable.
To serve, spoon the shrimp and vegetable mixture onto each tortilla. Garnish with chopped cilantro and a squeeze of fresh lime juice.
Fold the tortillas and enjoy your air fryer shrimp fajitas!