Peel onion and cut it into ½-inch thick slices. Separate the slices and place them on a plate. Set aside.
In a wide, shallow bowl, lightly beat the eggs with the milk and 2 tbsps flour until well combined.
In a second bowl, combine the remaining flour, salt, pepper, and paprika. Place the bread crumbs in a third bowl.
Dip each onion ring into the flour, then the egg mixture, and then dredge it through the bread crumbs. Repeat with remaining rings.
Transfer the rings into the air fryer basket in a single layer. Don’t overcrowd the basket, and work in batches if necessary.
Air fry at 390°F for 8-9 minutes. Serve hot and with ranch to dip.