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Abstract Recent advances in numerical simulations of magnetically arrested accretion onto supermassive black holes have shed light on the formation and dynamics of magnetospheric current sheets near the black hole horizon. By considering the pair magnetizationσ_ein the upstream region and the mass accretion rateṁ(in units of the Eddington mass accretion rate) as free parameters we estimate the strength of the magnetic field and develop analytical models, motivated by recent three-dimensional particle-in-cell simulations, to describe the populations of relativistic electrons and positrons (pairs) in the reconnection region.Applying our model to M87*, we numerically compute the non-thermal photon spectra for various values ofσ_e. We show that pairs that are accelerated up to the synchrotron radiation-limited energy while meandering across both sides of the current sheet, can produce MeV flares with luminosity of ∼ 10⁴¹ erg s^-1— independent ofσ_e— for a black hole accreting atṁ=10^-5. Pairs that are trapped in the transient current sheet can produce X-ray counterparts to the MeV flares, lasting about a day for current sheets with length of a few gravitational radii. We also show that the upstream plasma can be enriched due to photon-photon pair creation, and derive a new equilibrium magnetization ofσ_e∼ 10³-10⁴forṁ= 10^-6- 10^-5. Additionally, we explore the potential of magnetospheric current sheets to accelerate protons to ultra-high energies, finding that while acceleration to such energies is limited by various loss mechanisms, such as synchrotron and photopion losses from the non-thermal emission from pairs, maximal proton energies in the range of a few EeV are attainable in magnetospheric sheets forming around supermassive sub-Eddington accreting black holes.