Crush the Cheetos. Pulse the Cheetos in a food processor (or crush in a sealed bag with a rolling pin) until they form a coarse, panko-like crumb. Pour into a shallow dish.
Set up the dredging stations. In a second shallow dish, whisk together the flour, garlic powder, salt, and pepper. In a third dish, beat the eggs.
Coat the chicken. Slice the chicken into thin, fry-shaped strips. Dredge each strip in the seasoned flour, then dip in the beaten egg, then press firmly into the crushed Cheetos until well coated on all sides.
Preheat. Preheat the air fryer to 400°F (200°C) for 3–5 minutes.
Air fry. Arrange the coated strips in a single layer in the basket, not touching. Lightly spray with oil. Cook for 10–12 minutes, flipping halfway, until the crust is crispy and the chicken reaches an internal temperature of 165°F (74°C). Work in batches as needed.
Serve. Serve hot with ranch, honey mustard, or BBQ sauce for dipping.