Pat scallops thoroughly dry with paper towels and season with salt and pepper.
Heat olive oil and 1 tbsp butter in a heavy skillet over medium-high heat until the fat is shimmering.
Sear scallops in a single layer for approximately 2 minutes per side until a golden-brown crust forms; remove and set aside.
Reduce heat to medium, add the remaining butter and diced bell peppers to the skillet; sauté for 2 minutes.
Add minced garlic and cook for 30 seconds until fragrant.
Deglaze the skillet with white wine, scraping the bottom to release browned bits.
Whisk in the heavy cream, Cajun seasoning, and smoked paprika.
Simmer the sauce for 3 to 4 minutes until it has thickened enough to coat the back of a spoon.
Briefly return the scallops to the skillet to coat with the sauce without overcooking.
Garnish with fresh parsley and serve immediately with lemon wedges.