Pour the oil into a 9-inch pan over medium-high heat. It will take between 5-6 minutes for the oil to heat.
While the oil is heating, put the flour, cornstarch, garlic powder, onion powder, paprika, and salt and pepper to taste in a Ziploc. Close the bag and toss gently.
Pat dry the cleaned smelt fish with a paper towel to remove any moisture. Put the fish in the Ziploc with the seasoning and toss until evenly coated.
Using a colander or a strainer, dump the smelts from the Ziploc bag to remove the excess flour.
Once the oil is heated, toss the smelt in the pan and fry for 3-5 minutes or until golden brown. Transfer the smelt fish to a wire rack to cool and to remove excess oil. Serve warm with the vinegar hot sauce. Enjoy!