You will need an air fryer basket with relatively small holes in the basket. If your air fryer has a grid-shaped basket, you may need to make this in a heatproof pan that fits inside the air fryer basket.
Place frozen corn in the bottom of the air fryer basket. Spray with oil.
Set fryer to 350°F for 10 minutes. At the end of the cook time, pour the corn into a serving bowl. Add butter and mix well until the butter has melted.
Mix in sour cream, mayonnaise, shredded cheese, lemon juice, and chili powder, and serve.