Bring a small pot of water to a boil, then remove from heat and add the dried guajillo and chiles de árbol; let soak 15 minutes until softened.
Drain the chiles and transfer to a blender. Add the diced tomatoes, chopped onion, smashed garlic, and smoked paprika; blend until smooth and thick. If too thick, add up to 1/4 cup water and blend until sauce reaches a pourable consistency. Season with salt and pepper to taste and set aside.
Pat the shrimp dry with paper towels and lightly season both sides with salt and pepper.
Heat a large skillet over medium-high heat. Add the olive oil and heat until shimmering.
Add the shrimp to the hot skillet in a single layer and sear without moving for 3 minutes.
Flip the shrimp, pour the prepared chile-tomato sauce into the pan, and cook 3–4 more minutes, stirring occasionally, until shrimp are firm and opaque and the sauce is heated through. Taste and adjust salt and pepper if needed.
Serve immediately, garnished with lime wedges, chopped cilantro, and sliced jalapeños. Enjoy alone or with rice and soft tortillas.