Heat olive oil in a large skillet over medium-high heat. Season shrimp with salt and pepper. Cook shrimp 3 minutes on one side, then 1 more minute after flipping. Transfer to a plate once firm.
Reduce heat to medium and add remaining olive oil, shallots, and red bell pepper. Sauté for 3 minutes until slightly softened. Stir in garlic, tomato paste, and red pepper flakes for 2–3 minutes until fragrant.
Pour in broth to lift all the flavorful bits from the pan. Simmer for 5 minutes until liquid reduces by half. Add paprika and spinach, cooking 2 minutes until wilted. Stir in heavy cream and lemon juice.
Return shrimp to the skillet, nestling them into the sauce. Remove from heat and serve immediately over rice, orzo, or with crusty bread. Garnish with parsley for a fresh touch.