There are is at least one question asking about fractional powers of fields in QFT (and why they're not expected to occur), and several others asking about the physical relevance of fractional derivatives. Regarding the former, fractional powers of fields seem to always renormalize to integer powers. Regarding the latter, the main objection seems to be that once you introduce fractional powers to any Lagrangian, it immediately becomes non-local. Let's try to excuse that for a moment.
If we want to use fractional derivatives in a Lagrangian, there's the question of how to preserve Lorentz invariance: with integer derivatives, we can have expressions like $(\partial_\mu \varphi)(\partial^\mu \psi)$. It's hard to find valid forms with fractional derivatives. One option I see is using roots of the $\partial^2$ operator, $(\partial^2)^{r}$. So a possible-seeming Lagrangian would be something like:
$$ \mathcal{L} = (\partial\varphi)^2-m_\varphi\varphi^2 + (\partial\psi)^2-m_\psi\psi^2 + (|\partial^2|^{1/2}\varphi)(|\partial^2|^{1/2}\psi)$$
Indeed, I can't see any way to make this invariant except for $(\partial^2)^r$. This is also what's done in https://en.wikipedia.org/wiki/Fractional_quantum_mechanics, but that is usually non-relativistic and not subject to such serious restrictions. It also seems to focus on describing existing models in a new approximation, as opposed to discussing possible new interactions or particles.
On a vaguely related note, I did find this paper discussing how $(\partial^2)^{1-\epsilon}$ can be used to formulate a renormalization scheme.
So,
Question 1: To what degree are fractional derivatives like the above admissable under constraints (1) Lorentz invariance, (2) renormalizability, and/or (3) locality?
and
Question 2: Assuming a sufficiently positive answer to question 1, what kinds of new particles or interactions could be possible? Are any of these discussed seriously as a way to resolve known problems?