Rinse the rice until the water runs mostly clear. Combine the rice, water or chicken stock, salt, and butter or olive oil in a saucepan. Bring to a boil, cover, reduce heat to low, and simmer for 15–18 minutes. Turn off the heat and let the rice stand, covered, for 5 minutes, then fluff with a fork.

Pat the shrimp very dry. Toss them with about half of the smoked paprika, chili powder, cumin, cayenne, kosher salt, and black pepper.

Heat 1 tablespoon olive oil in a large skillet over medium-high heat. Cook the shrimp for 1–2 minutes per side, just until pink and nearly cooked through. Transfer them to a plate.

Add the remaining tablespoon of olive oil to the skillet. Sauté the onion for 3–4 minutes until softened, then add the garlic and jalapeño and cook for about 30 seconds.

Stir in the diced tomatoes, tomato paste, remaining spices, and chicken stock or water. Simmer for 5–8 minutes, stirring occasionally, until the sauce is slightly thickened.

Return the shrimp to the skillet and cook for 1–2 minutes more, just until fully opaque. Stir in the lime juice, garnish with cilantro or parsley, and serve over the hot rice.