Preheat the air fryer to 400°F.
In a large bowl, combine smoked paprika, garlic powder, onion powder, dried oregano, salt, black pepper, and cayenne pepper.
Add the chicken thighs to the bowl and drizzle with olive oil. Toss until the chicken is evenly coated with the spice mixture.
Place the chicken thighs in the air fryer basket in a single layer, skin side up.
Cook for 25-30 minutes, flipping halfway through, until the chicken is golden brown and reaches an internal temperature of 165°F.
Serve with lemon wedges for squeezing over the chicken.