Pat the sliced squid rings completely dry with paper towels. Removing excess moisture is crucial to ensure they crisp up properly in the air fryer.

In a medium mixing bowl, whisk together the cornstarch, coarse sea salt, freshly ground black pepper, and Chinese five-spice powder until well combined.

Toss the dried squid rings in the cornstarch mixture until fully coated. Shake off any excess powder and transfer the rings to a clean plate.

Preheat your air fryer to 400°F (200°C) for about 3 minutes. Generously spray the bottom of the air fryer basket with avocado or olive oil spray.

Arrange the coated squid rings in a single layer in the basket, ensuring they do not overlap. Spray the tops of the squid lightly with oil.

Air fry for 8 to 10 minutes, shaking the basket halfway through the cooking time, until the squid is golden brown and crispy. You may need to work in batches depending on the size of your air fryer.

Transfer the cooked squid to a serving platter while still hot. Garnish immediately with sliced red chili and green onions, and serve with fresh lime wedges on the side.