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Lightly coat the basket of a 6- to 9-quart air fryer with cooking spray. Preheat to 380℉ for 5 minutes.
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Combine 2 teaspoons lemon zest, salt and pepper in a large bowl. Rub half the mixture over lamb chops. Add potatoes, sliced fennel and oil to the remaining lemon zest mixture in the bowl; toss to coat.
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Working in batches as necessary, arrange the chops and vegetables in a single layer in the prepared basket.
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Cook, flipping once, until an instant-read thermometer inserted in the center of a chop registers 145℉, 10 to 12 minutes.
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Meanwhile, toss olives, the reserved fennel fronds and the remaining 2 teaspoons lemon zest in a bowl. Top the chops and vegetables with the olive mixture. Serve with lemon wedges, if desired.