Pat tilapia fillets dry with paper towels and season both sides with salt, pepper, and smoked paprika.
Heat 1 tablespoon of olive oil in a large skillet over medium-high heat. Sear the fillets for 3 to 4 minutes per side until opaque and cooked through, then remove and set aside.
In the same skillet, add the remaining olive oil and saute the onion and garlic until translucent and fragrant, approximately 3 minutes.
Transfer the sauteed aromatics and the drained roasted red peppers to a blender or food processor. Process until smooth.
Return the blended pepper mixture to the skillet over medium heat. Stir in the heavy cream and lemon juice, simmering for 2 to 3 minutes until thickened slightly.
Place the cooked tilapia fillets back into the sauce to warm through for 1 minute.
Garnish with fresh parsley and serve immediately.