In a large bowl, whisk together the flour, sugar, baking powder, and salt.
In another bowl, combine the milk, eggs, and vanilla extract. Gradually add the wet ingredients to the dry ingredients, stirring until just combined.
Gently fold in the toasted coconut and chopped macadamia nuts.
Heat a non-stick skillet or griddle over medium heat and lightly grease with butter. Pour about 1/4 cup of batter onto the skillet for each pancake. Cook until bubbles form on the surface, about 2-3 minutes. Flip and cook for an additional 2-3 minutes until golden brown.
For the coconut syrup, combine coconut milk, sugar, and vanilla extract in a saucepan over medium heat. Stir until the sugar dissolves and the mixture is heated through. Do not boil.
Serve the pancakes warm, drizzled with coconut syrup.