In a large bowl, combine the fish, shrimp, lime juice, and garlic. Toss to coat and set aside.
In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the onion and bell peppers and cook until softened, about 5 minutes.
Add the recado paste, salt, and black pepper and cook for an additional 2 minutes, until fragrant.
Add the fish and shrimp mixture to the pot and stir to combine.
Add the coconut milk and bring the mixture to a simmer. Reduce the heat to low and simmer for 15-20 minutes, until the fish and shrimp are cooked through.
Serve the Belizean Sere over cooked rice and garnish with lime wedges.