Stir together flour, baking powder, and salt in a medium bowl. Stir with a fork as you pour in the milk; keep stirring for a bit to get it to come together as much as possible. Add just enough water (about 1/4 to 1/2 cup) to get it to come together. Cover the bowl with a dish towel and let it sit for 35 to 45 minutes to rest.
When you're ready to make the fry bread, heat about 1 to 2 inches shortening/lard in a large skillet over medium-high heat. Grab a plum-sized piece of dough (or larger if you want larger fry bread) and press it into a circle with your fingers: place it on a clean surface and begin pressing in the center and work your way out, stretching it as you go.
When the circle is about 4 to 7 inches (however big you want it) carefully drape it into the skillet. Allow it to fry on one side until golden brown, about 1 minute, then carefully flip it to the other side using tongs. Fry it for another 30 to 45 seconds.
Remove the fry bread to a paper towel-lined plate and allow it to drain while you fry the other pieces.
Eat them as is, drizzle honey -or- mix softened butter and honey together and spread on -or- sprinkle with lots of cinnamon and sugar -or- sprinkle lots of powdered sugar - or- top with your favorite taco toppings
Top fry bread with your favorite taco filling and enjoy!