In a medium bowl, whisk olive oil, lemon juice, salt, paprika, garlic powder, black pepper, and chili powder.
Add the peeled and deveined shrimps and stir to combine until the shrimps are coated evenly. Allow the shrimps to marinate for 15 minutes.
Cut the bacon strips in half, about 4 to 5 inches in length.
Wrap the shrimps with the bacon strips. Starting from the head of the shrimp, wrapping the shrimp all the way to the tail.
Place the bacon wrapped shrimps into the air fryer basket in a single layer.
Cook for 20 minutes at 400°F, turn the shrimps halfway through the cooking. Cook until the bacon is crispy. Cook the shrimps in batches if required.