Start by preparing the sauce: Whisk together the honey, sriracha, soy sauce, sesame oil, and lime juice in a small saucepan. Bring it to a boil over medium heat, then reduce the heat to low and let it simmer for about 5 minutes until the flavors meld. Transfer the sauce to a large mixing bowl and set aside.
Heat the oil: In a large Dutch oven or deep pot, pour in enough canola or peanut oil to fill it halfway. Heat the oil to 350°F, using a thermometer to monitor the temperature.
Prepare the batter: In a large bowl, whisk together the cold water, cornstarch, flour, 2 teaspoons of salt, and 1/4 teaspoon of pepper until smooth. The batter should be slightly runny.
Coat the wings: Dip the chicken wings into the batter one at a time, allowing any excess to drip back into the bowl, and gently place each wing into the hot oil. Fry in batches, making sure not to crowd the pot.
Fry the chicken wings: Cook each batch for 8 to 9 minutes, adjusting the heat to maintain the oil temperature at 350°F. The wings should be golden and crispy on the outside. Remove them with a slotted spoon or spider and let them drain on a wire rack set over a baking sheet.
Toss in sauce: While the wings are still hot, toss them in the prepared honey-sriracha sauce until evenly coated.
Garnish and serve: Transfer the wings to a serving platter, sprinkle with sliced scallions, and serve immediately while they’re still hot and sticky.