Whisk together the honey, sriracha, soy sauce, sesame oil and lime juice in a small saucepan and bring to a boil over medium heat. Reduce the heat to low and simmer until the sauce comes together, about 5 minutes. Transfer to a large bowl and set aside.
Fill a large Dutch oven halfway with canola oil and heat over medium-high heat to 350 degrees F. Place a wire rack in a rimmed baking sheet and set aside. Whisk together the cold water, cornstarch, flour, 2 teaspoons salt and 1/4 teaspoon pepper in a large bowl until smooth. Add the chicken and toss to coat.
Lift the chicken pieces out of the batter one at a time, letting the excess batter drip back into the bowl, and gently place in the hot oil; work in batches and try to keep the wings separated in the oil. Fry until golden, adjusting the heat as necessary to keep the oil temperature at 350 degrees F., 8 to 9 minutes per batch. Remove the chicken with a spider or slotted spoon and set on the prepared wire rack to drain briefly. Then, while the wings are still hot, toss them in the honey-sriracha sauce to evenly coat. Transfer to a serving plate and sprinkle with the scallions.