In a large skillet or paella pan, heat the olive oil over medium heat. Add the chopped onion and sauté until translucent, about 5 minutes.
Stir in the minced garlic and cook for an additional minute until fragrant.
Add the smoked paprika and sweet paprika, stirring well to combine.
Pour in the rice and stir to coat it with the onion and spice mixture. Cook for 2-3 minutes, allowing the rice to toast slightly.
Add the roasted red pepper and chicken broth. Season with salt and pepper. Bring to a boil, then reduce heat to low, cover, and simmer for 15-20 minutes or until the rice is tender and has absorbed most of the liquid.
In the last 5 minutes of cooking, gently fold in the shrimp, cover, and allow them to cook until they turn pink and opaque.
Remove from heat and let it sit, covered, for 5 minutes. Fluff the rice with a fork before serving.
Garnish with fresh parsley and serve with lemon wedges on the side.