Bring a pot of water to a boil. Add the shrimp and cook for about 2-3 minutes until they turn pink and opaque. Drain the shrimp in a colander and let them cool.
Once cooled, chop the shrimp into small pieces.
In a large mixing bowl, combine the softened cream cheese, sour cream, and mayonnaise. Use a hand mixer or food processor to blend until smooth and creamy.
Add the shredded cheddar cheese, chopped shrimp, green onions, lemon juice, garlic powder, paprika, salt, and pepper to the bowl. Mix well until all ingredients are fully incorporated.
Transfer the mixture into a baking dish and smooth the top.
If you prefer a warm dip, preheat your oven to 350°F (175°C) and bake the dip for 15 minutes or until heated through and lightly golden on top.
Remove from the oven and let it cool slightly before serving. Serve with crackers, tortilla chips, or fresh vegetable sticks.