In a large pot or Dutch oven, heat oil over medium heat. Saute onions, carrots, and garlic until onions are translucent, about 10 minutes.
Add tomatoes, chicken broth, smoked paprika, salt, and pepper. Bring to a boil and reduce heat to a simmer. Simmer for 10 minutes.
In two batches, so as to not to over fill the blender, blend the soup until smooth. Return to pot to warm and serve.