Pat the tilapia fillets dry using paper towels. Mix smoked paprika, garlic powder, onion powder, salt, and black pepper in a small bowl and sprinkle over both sides of each fillet.

Heat olive oil in a large frying pan over medium-high heat. Add tilapia fillets in a single layer and cook undisturbed for 3-4 minutes until edges turn opaque. Flip and cook for another 2-3 minutes until flaky. Remove from pan.

In the same pan, reduce heat to medium, add olive oil, then onion. Cook for 3-4 minutes until soft. Add garlic and cook for 1 minute, then stir in tomato paste and cook for 1 minute. Add spices, cook for another 30 seconds.

Add drained roasted red peppers and stock to the pan. Bring to a simmer for 5 minutes, then blend until smooth. Return to the pan, stir in cream, taste, and adjust seasoning.

Gently place seared tilapia back in the sauce, spoon sauce over, and simmer for 3-4 minutes until cooked through. Serve topped with parsley/basil and lemon juice, alongside crusty bread, rice, or pasta.