In a medium bowl, toss the shrimp with olive oil, smoked paprika, minced red chili, salt, and pepper. Make sure the shrimp are well coated.
Heat a large skillet over medium-high heat. Once hot, add the seasoned shrimp and cook for about 2-3 minutes on each side or until they are pink and opaque. Remove from heat and set aside to cool slightly.
In a large mixing bowl, combine the diced avocados, cherry tomatoes, and chopped red onion.
Once the shrimp has cooled, add it to the mixing bowl with the avocado mixture. Drizzle the lime juice over the top and gently toss everything together to combine, being careful not to mash the avocados.
Taste and adjust seasoning with additional salt, pepper, or lime juice if desired.
Serve immediately or chill in the refrigerator for up to an hour before serving to allow flavors to meld.