Pre-heat a large wok or deep frying pan over medium-high heat. Sprinkle shrimp with salt and pepper and spray pan with cooking spray. Saute shrimp until they turn pink, turning once, about 90 seconds per side. Be careful not to overcook. Remove shrimp from pan and set aside.
To the hot wok, at the bell peppers and saute for 3-4 minutes or until they start to soften.
In a small bowl, whisk together the next six ingredients (soy sauce through chili paste) and pour into the pan with the peppers. Use a wooden spoon to scrape up any browned bits at the bottom of the pan.
Add the shrimp back to the pan and saute until warmed through, about 60 seconds. Remove from heat and sprinkle with lime juice, basil and scallions before serving.