Heat the olive oil in a large skillet over medium heat.
Add the diced onion and bell pepper, cooking for about 5 minutes or until softened.
Stir in the minced garlic and cook for an additional 1 minute until fragrant.
Add the rice to the skillet, stirring to combine it with the vegetables. Cook for 2 minutes to toast the rice slightly.
Pour in the chicken broth (or water) and bring the mixture to a boil. Add the paprika, cayenne pepper (if using), salt, and pepper.
Once boiling, reduce heat to low, cover the skillet, and let it simmer for about 15 minutes or until the rice is cooked and liquid is absorbed.
After 15 minutes, uncover the skillet and add the shrimp on top of the rice. Cover again and cook for an additional 5 minutes, or until the shrimp are pink and cooked through.
Remove from heat and let it sit for a couple of minutes. Fluff the rice with a fork and mix the shrimp in gently.
Garnish with fresh parsley or cilantro if desired before serving.