Prepare equipment and ingredients: use a large sauté pan or wide deep skillet with a lid. Reserve a few cilantro leaves for garnish and cut remaining cilantro, red bell pepper into long thin strips, chop the garlic, and have the dried chilies ready.
Arrange a “bed” in the bottom of the pan by spreading the cilantro pieces, bell pepper strips, chopped garlic, and dried red chilies evenly.
Place the fish fillets on top of the bed. Season the fillets generously with salt and pepper, then sprinkle the turmeric evenly over the fillets.
Add 1 1/2 cups water to the pan. Cover and bring to a boil over high heat; once boiling, reduce to medium and uncover so the mixture lightly simmers.
Simmer uncovered for 10–15 minutes, occasionally basting the fillets with the pan liquid, until the water reduces by about half and turns yellow.
While the fish simmers, whisk the olive oil and paprika together in a small bowl until combined.
Pour the paprika oil evenly over the fish to coat the fillets, then continue to simmer uncovered for about 20 minutes more, basting frequently, until the liquid is reduced to roughly a quarter of the original amount and the fish develops a rich red color.
Serve the fish and peppers together with your choice of grain or starch. Garnish with the reserved cilantro leaves and spoon pan sauce over the fish as desired.