Start by patting the shrimp dry with paper towels. In a bowl, combine the garlic powder, onion powder, paprika, cayenne pepper, salt, and pepper. Toss the shrimp in this spice mixture until evenly coated.
Heat olive oil in a large skillet over medium-high heat. Add the seasoned shrimp and cook for 2-3 minutes per side until they turn pink and opaque. Remove the shrimp from the skillet and set them aside.
In the same skillet, melt the butter over medium heat. Add the minced garlic and sauté for about 30 seconds until fragrant. Stir in the tomato paste and cook for another minute.
Sprinkle the flour over the tomato paste mixture, stirring continuously to form a roux. Gradually add the chicken broth while whisking to prevent lumps. Bring the mixture to a simmer and let it cook for 3-4 minutes until it thickens.
Lower the heat and stir in the heavy cream and sriracha sauce. Add the diced bell pepper and cook for an additional 2 minutes until the pepper softens.
Return the cooked shrimp to the skillet, stirring to coat them in the creamy sauce. Sprinkle in the shredded cheddar jack cheese and grated Parmesan cheese, stirring until the cheeses melt and the sauce becomes smooth.
Serve the spicy Cajun shrimp over cooked pasta. Garnish with lime wedges and chopped fresh parsley or cilantro for a burst of freshness.