Peel the butternut squash using a sharp vegetable peeler until the skin is completely removed, revealing the bright orange flesh.
Cut off both ends of the squash, then slice it in half lengthwise with a large chef’s knife, being careful of the tough skin and seeds inside.
Scoop out the seeds with a spoon and set them aside if you'd like to roast them later for a snack.
Slice the squash into roughly 2-cm (1-inch) cubes, ensuring even pieces for consistent cooking.
Heat the olive oil in a large skillet over medium heat until it shimmers and begins to smell fragrant.
Add the cubed squash to the skillet in a single layer, making sure not to overcrowd so they caramelize properly. Let them cook undisturbed for about 2-3 minutes until they start to turn golden at the edges.
Stir the squash gently with a spoon, then continue cooking, stirring occasionally, for about 10-12 minutes until all sides are golden and the flesh feels tender when pierced with a fork.
Sprinkle the salt and smoked paprika over the squash, tossing gently to evenly coat the pieces in the spices and enhance their caramelized flavor.
Remove the skillet from heat and let the squash rest for a minute, allowing the flavors to settle and the edges to crisp slightly.
If desired, squeeze a bit of lemon juice over the squash for a fresh, bright finish, then give it a gentle toss.
Serve the caramelized butternut squash hot as a side dish or a hearty vegetable component of your meal.