Set up three shallow bowls. Bowl 1: flour, salt, and pepper, whisked. Bowl 2: eggs and water, beaten. Bowl 3: panko, Parmesan, oregano, and basil, mixed.
Remove all red wax from each Babybel cheese round.
Bread each cheese: dredge in flour (shake off excess), dip in egg wash (let excess drip), then press firmly into the breadcrumb mixture. Flip and pat so all sides are coated.
Arrange on a parchment-lined baking sheet and freeze for at least 1 hour, ideally 2, until completely solid. Do not skip this step.
Spray the air fryer basket with olive oil. Place frozen breaded rounds in a single layer with 1 inch of space between each. Spray tops with olive oil.
Air fry at 360°F for 3 minutes. Flip with tongs, spray again with olive oil, and air fry an additional 3 minutes (6 minutes total) until golden brown.
Serve immediately with marinara, ranch, or hot honey.