Bring the water and arborio rice to a boil in a large pot. Stirring occasionally, cook the rice until the water is completely absorbed (the rice should be full and tender).
Fold in the mozzarella cheese, parmesan cheese, parsley, and salt to the cooked rice until combined.
Using a spoon or a large cookie scoop, scoop balls of rice onto a lined baking sheet and place in the fridge for 15-20 minutes, or until they are cool.
Place the flour, panko breadcrumbs, and eggs into separate bowls/containers. Roll each rice ball in the flour, then the egg, then in the panko breadcrumbs.
Roll each rice ball in the flour, then the egg, then in the panko breadcrumbs.
Place the breaded rice balls in the basket of the air fryer, leaving room around of the balls.
Cook at 370 degrees Fahrenheit for 5 minutes before flipping the rice balls and cooking for an additional 5 minutes.
Repeat until all of the rice balls have been made.
Serve immediately with marinara sauce, or another dipping sauce of your choice, and enjoy!