Prepare workspace and pat fish fillets completely dry with paper towels. Set up three shallow dishes for breading station.

In first dish, combine flour with half teaspoon salt and quarter teaspoon black pepper. Mix well.

In second dish, whisk together eggs and milk until combined and slightly frothy. Season with pinch of salt and pepper.

In third dish, combine panko breadcrumbs with garlic powder, paprika, onion powder, cayenne pepper if using, remaining salt, and black pepper. Mix thoroughly.

If baking, preheat oven to 425°F and line baking sheet with parchment paper. If pan-frying, have skillet and oil ready.

Dredge each fillet in flour, shaking off excess. Then dip in egg mixture, allowing excess to drip off.

Press fillet firmly into panko mixture, coating both sides and edges thoroughly. Place on clean plate and repeat with remaining fillets.

For baking: Arrange fillets on prepared sheet, drizzle with oil, and bake 15-20 minutes until golden and fish flakes easily.

For pan-frying: Heat oil in skillet over medium-high heat. Cook fillets 4-5 minutes per side until golden and crispy.

Transfer fish to serving platter, sprinkle with fresh cilantro, and serve immediately with lime wedges.