Pat the tilapia fillets dry with paper towels and season both sides with paprika, garlic powder, onion powder, Italian seasoning, salt, and pepper.
Heat the olive oil and 1 tablespoon butter in a large skillet over medium-high heat.
Cook the tilapia for 3 to 4 minutes per side until lightly golden and it flakes easily with a fork. Transfer to a plate.
Reduce the heat to medium and melt the remaining butter in the same skillet.
Add the garlic and cook for about 30 seconds until fragrant.
Pour in the chicken broth and scrape up any browned bits from the bottom of the skillet.
Stir in the heavy cream, Parmesan cheese, lemon juice, lemon zest, and Dijon mustard. Simmer for 3 to 5 minutes until the sauce thickens.
Season the sauce with salt and black pepper to taste.
Return the tilapia to the skillet and spoon the sauce over the fillets.
Simmer for 2 minutes until heated through.
Garnish with fresh parsley, lemon slices, and crushed red pepper flakes if desired before serving.