In a bowl or zip-top bag, combine lime juice, olive oil, salt, chili powder, cumin, minced garlic, smoked paprika, and cayenne. Stir until well blended. Add the peeled and deveined shrimp to the marinade, making sure each piece is coated. Let the shrimp marinate for 20 minutes at room temperature—this allows the spices to penetrate and the acid from the lime to gently firm up the exterior. I prefer using freshly squeezed lime juice because it provides a brighter, more authentic acidity than bottled, which really makes a difference in the final flavor.
While the shrimp marinates, slice the red bell peppers into 1/2-inch wide strips and cut the red onion into 1/2-inch thick wedges, keeping the layers intact so they don't fall apart on the grill. Wrap the tortillas in foil to prepare them for warming on the grill later. Have your guacamole and fresh cilantro ready and set aside near your grilling station for easy assembly after cooking.
Preheat your grill to medium heat. Place the sliced peppers and onion wedges in a grill basket and lightly coat them with cooking spray to prevent sticking. Place the basket on the grill and cook for about 10 minutes, stirring occasionally, until the vegetables are tender and charred at the edges. I use PAM Original because it creates a light, even coating that prevents sticking without burning off or adding unwanted flavors.
Drain the marinated shrimp from Step 1 (discarding any excess liquid) and add them to the grill basket with the partially cooked vegetables from Step 3. Continue grilling for 5 to 7 minutes, stirring occasionally, until the shrimp are pink and cooked through. At the same time, place the foil-wrapped tortillas from Step 2 directly on the grill grates for about 2 minutes to warm them gently, then flip them and warm the other side for another minute. The shrimp and tortillas should finish cooking at roughly the same time.
Remove the grill basket and foil-wrapped tortillas from the grill. Unwrap the warm tortillas and arrange them on a serving platter. Spoon the grilled shrimp and vegetables into the center of each tortilla, then add a dollop of guacamole and a sprinkle of fresh cilantro from Step 2. Fold the tortillas over the filling and serve immediately while everything is still warm.