Brush each ear of corn lightly with olive oil and season with a pinch of salt.
Preheat the air fryer to 400F. Place the corn in the basket and air fry for 12-14 minutes, turning every 4 minutes, until charred in spots and tender.
While the corn cooks, mix the mayonnaise, sour cream, half the lime juice, and a pinch of chili powder in a small bowl until smooth.
As soon as the corn comes out, brush each ear generously with the creamy sauce while still hot so it sticks well.
Sprinkle the crumbled cotija cheese, chili powder, and smoked paprika over each ear, turning to coat all sides.
Finish with a squeeze of remaining lime juice and a scatter of fresh cilantro. Serve hot.