Boil a large pot of salted water and cook penne pasta until al dente according to package instructions. Drain and set aside.
Heat olive oil in a large skillet over medium-high heat. Season chicken strips with salt and pepper, then sauté until fully cooked and golden brown. Remove chicken from the pan and set aside.
In the same skillet, melt the butter. Add the onion and red bell pepper, sautéing for 5 minutes until vegetables are softened.
Add the minced garlic and jalapeños to the skillet and cook for 1 minute until fragrant.
Pour in the heavy cream and chicken broth. Bring the mixture to a gentle simmer over medium heat.
Whisk in the Parmesan cheese, smoked paprika, and cayenne pepper. Continue to simmer for 3 to 5 minutes until the sauce has thickened slightly.
Return the cooked chicken and pasta to the skillet. Toss thoroughly to ensure the pasta is evenly coated in the spicy cream sauce.
Season with additional salt and pepper to taste. Garnish with fresh cilantro and serve immediately.