Pat your white fish fillets dry with paper towels. Season lightly with salt and pepper.
In a bowl, whisk together all-purpose flour, cornstarch, baking powder, salt, and black pepper. Slowly add cold sparkling water or club soda, whisking until smooth and slightly thick.
Dredge each fish fillet in a bit of flour first (this helps the batter stick), then dip into the batter. After that, press the fillets into panko breadcrumbs to create a crunchy outer layer.
Preheat your air fryer to 400°F (200°C). Lightly spray the basket with cooking spray to prevent sticking.
Place the coated fish fillets in a single layer in the basket. Spray the tops lightly with cooking spray. Air fry for 8–10 minutes, flipping halfway through, until the fish is golden brown and cooked through.
Serve immediately with your favorite dipping sauces, lemon wedges, and a side of fries or coleslaw for that classic Captain D’s experience.