Preheat your air fryer to 400°F (200°C) or your oven to 425°F (220°C).
Place the Flamin' Hot Cheetos in a resealable bag and use a rolling pin to crush into fine pieces. You can also use a food processor and pulse a few times until the Cheetos are broken down. Place the Cheetos in a shallow dish.
In a second shallow dish, mix the flour with the garlic powder, onion powder, cayenne, salt, and black pepper.
In a third bowl, crack the eggs and whisk together.
Dredge each chicken chunk first in the seasoned flour, shaking off any excess.
Dip the floured chicken into the beaten eggs making sure to fully coat.
Finally, press the chicken chunks into the crushed Flamin' Hot Cheetos. Lightly press the Cheetos into the chicken so the coating sticks.
Spray the air fryer basket with cooking spray and place the chicken nuggets in one layer. Coat the tops generously with cooking spray. Cook in multiple batches if your basket can not fit all the chicken comfortably. Cook for 10-12 minutes, flipping the chicken midway through, until crispy and the chicken is cooked through (internal temperature of 165°F).
Serve the nuggets hot, with your favorite dipping sauces like ranch or blue cheese.