Season shrimp with salt and pepper. Heat 1 tablespoon olive oil in a large skillet over medium-high heat.
Sauté shrimp until pink and opaque, approximately 2 to 3 minutes, then remove from the skillet and set aside.
In the same skillet, add the remaining olive oil and butter; sauté shallot and garlic for 1 minute until fragrant.
Add the orzo to the skillet and toast for 2 minutes, stirring frequently, until lightly golden.
Pour in the chicken broth and bring to a simmer. Reduce heat to medium-low, cover, and cook for 10 to 12 minutes or until liquid is absorbed and orzo is tender.
Stir in the heavy cream, lemon juice, lemon zest, and red pepper flakes.
Return the shrimp to the skillet and stir in the Parmesan cheese until the sauce is melted and creamy.
Garnish with fresh chopped parsley and serve immediately.