Preheat the air fryer to 400°F (200°C) for 5 minutes.
In a large bowl, combine the frozen shrimp, sliced red, green, and yellow bell peppers, and sliced onion.
Add olive oil, chili powder, ground cumin, smoked paprika, garlic powder, onion powder, salt, and black pepper to the bowl. Toss everything well to evenly coat the shrimp and vegetables with the seasoning.
Place the seasoned shrimp and vegetable mixture in the air fryer basket in a single layer. You may need to cook in two batches depending on the size of your air fryer.
Air fry at 400°F (200°C) for 12 minutes, shaking the basket halfway through cooking to ensure even cooking.
While the shrimp and vegetables cook, warm the flour tortillas in a dry skillet over medium heat for about 30 seconds per side or wrap them in foil and warm in the oven at 350°F (175°C) for 5 minutes.
Once cooked, remove the shrimp and vegetables from the air fryer and transfer to a serving dish.
Serve the shrimp and vegetables on warm tortillas with lime wedges on the side for squeezing over the fajitas.