Zest and juice a large lime or 2 medium limes. Reserve the zest for the tilapia filets and the juice for the sweet chili sauce.

Make the sweet chili sauce by combining all ingredients in a small bowl or jar. Set aside for the flavors to blend.

Season the tilapia filets with salt and pepper, and set aside. Place the flour, 1/2 teaspoon salt, and 1/4 teaspoon black pepper in a pie pan or shallow dish, and stir to combine. Place the egg in another pie pan or shallow dish and beat together with the water. In a third dish, combine the coconut, panko breadcrumbs, lime zest and red pepper flakes.

Dip each tilapia filet first in flour, then in egg mixture, then in coconut mixture, pressing to make sure the breadcrumbs and coconut stick to the surface of the tilapia.

Deep fryer cooking method: Heat oil in the deep fryer to 370 degrees. Fry tilapia filets, 2-3 at a time, for about 5 minutes until medium golden brown and cooked through. Remove to a paper towel-covered plate to cool and drain away any excess oil.

Stovetop cooking method: Cover the bottom of a large skillet with oil to a depth of about 1/3 inch, and heat over medium-high heat to 370 degrees. If you do not have a frying thermometer, you can test the temperature of by putting a 1-inch cube of bread in the oil. If it browns in about 50 seconds, the oil is the right temperature.

Fry the tilapia filets for 2-3 minutes on each side, or until medium brown and cooked through. Drain on paper towel covered plate.

Serve coconut lime tilapia with sweet chili sauce, lime wedges and steamed rice or rice noodles.