Heat air fryer to 350˚F. Line a rimmed baking sheet with waxed paper.
Place flour in a shallow, medium bowl. Lightly beat eggs in separate shallow, medium bowl. Combine the bread crumbs, garlic powder and cayenne pepper in another shallow, medium bowl.
Coat cheese curds, a few at a time, in flour. Dip cheese curds in eggs; then coat with crumb mixture, shaking off any excess coating between steps. Place on prepared pan.
Lightly spritz curds with cooking spray just before placing into air fryer basket. Arrange curds in a single layer in the basket. Refrigerate remaining curds until frying.
Set timer for 5-7 minutes. Fry curds, removing basket at 3 minutes; flip curds. Cook 2-4 minutes longer or until light brown, crispy and the curds begin to melt. Repeat with remaining curds, starting with a light spritz of cooking spray.
Serve in a bowl or parchment-lined basket with dipping sauces.