In a large skillet, add olive oil and butter over medium heat until melted.
Toss in diced onion and chopped red and green bell peppers. Cook for about 5 minutes, stirring until softened.
Stir in minced garlic and sauté for another minute.
Mix in sliced smoked sausage, cooking until browned, about 3-4 minutes.
Gently add peeled shrimp, cooking until they turn pink, roughly 3-4 minutes.
Combine chicken broth, heavy whipping cream, and cajun seasoning. Stir well.
Lower the heat and let the mixture simmer for 5-7 minutes until thickened.
Taste and adjust seasoning with salt, pepper, and cayenne pepper as desired.