GUID's are typically not "random" enough and can be easily guessed by the bad-guys.
Take some "random" data like the user's password hash, some random numbers and run the result through sha1 or a similar hash function.
If you want one API key per account, simply add it to the account metadata table. Otherwise use a table linked to the accountIds to store the api keys.
Server side use a cache using the api-key as the key to store temporarily the account metadata so you only need to go to the db once per session.
And of course everything must go over https to avoid that the API key be stolen.
Now if your service is "session" oriented you can consider using a temporary session key so you do not need to expose the API key. Look for public key encryption to investigate this further.