Preheat the air fryer to 400°F (200°C) for about 5 minutes.
Pat the ribeye steaks dry with paper towels to remove excess moisture.
In a small bowl, mix together olive oil, garlic powder, onion powder, salt, black pepper, and smoked paprika.
Rub the seasoning mixture evenly over both sides of the steaks.
Place the steaks in the air fryer basket, ensuring they are not overlapping.
Cook the steaks in the air fryer for 10-12 minutes for medium-rare, flipping halfway through the cooking time.
Use a meat thermometer to check for doneness; aim for 130°F (54°C) for medium-rare steaks.
Once cooked to your desired doneness, remove the steaks from the air fryer and let them rest for about 5 minutes.
Slice the steaks against the grain and serve, garnished with fresh herbs if desired.