Melt butter in a 5 or 6 quart Dutch oven or soup pot over medium heat.
Add shallots and garlic then turn heat down a touch and saute until light brown and tender, 5 minutes – make sure butter is just barely sizzling as to not brown the garlic.
Sprinkle in flour then stir to combine and saute for 1 more minute.
Add tomato sauce then stir to combine, ensuring there’s no lumps in the flour/butter mixture.
Add seafood stock, chicken stock, the jalapeño that’s been sliced from the ribs and seeds, bay leaves, and spices.
Turn heat up to bring soup to a boil then turn back down to medium, place a lid partially on top and gently simmer for 30 minutes.
Remove bay leaves and jalapeños then add lime juice to taste, and salt if needed. I usually use about 1/3 of a fresh lime.
Turn heat back up to high to bring the soup to a boil then add shrimp and boil until cooked through – 1-2 minutes.
Scoop soup into bowls then top with cooked rice.
Add sliced raw jalapeños (these add a ton of flavor and heat vs just being a garnish so don’t skip!) and chopped cilantro then serve with lime wedges.