Mix the peas and shrimp together to form a homogeneous mixture. Set aside.
Heat the oil in large pot over medium heat until a deep-frying thermometer inserted in the oil reaches 350 degrees F.
While oil is heating, divide the risotto into 4 equal portions. Rolling in your hands, form a tight ball of risotto. With your thumb, make a deep indention. Fill with a pinch of shrimp and pea mixture, pinching the sides of risotto ball to close the opening. Roll gently until you form a firm ball. Repeat with the remaining risotto and shrimp and pea mixture.
Add the whisked eggs to a small bowl, the flour to another and the panko to a third. Dip each ball in the egg, then the flour, and then the panko, shaking in the panko to fully coat.
Carefully add each arancini to the hot oil, cooking until golden brown, about 5 minutes. Drain and serve immediately.