To begin, season the fish or chicken pieces with salt and black pepper. In a large pan over medium heat, warm 1/4 cup of olive oil. Sear the fish or chicken on both sides until lightly golden, about 2–3 minutes per side. Remove and set aside.
In the same pan, add the remaining olive oil, sliced onions, garlic, and bay leaf. Sauté on medium heat until the onions turn soft and translucent, taking care not to brown them, about 5 minutes.
Add the sliced carrots and red bell pepper to the pan, stirring occasionally. Allow the vegetables to soften slightly for about 3 minutes, which will help them absorb the escabeche flavours.
Pour in the white wine vinegar and white wine, stirring well. Add the smoked paprika, whole black peppercorns, and thyme or rosemary sprigs if using. Bring the mixture to a gentle simmer and allow it to cook for about 5 minutes, releasing a fragrant aroma.
Carefully return the seared fish or chicken pieces to the pan, gently coating them with the escabeche sauce. Lower the heat to a gentle simmer and cook uncovered for an additional 10–15 minutes, allowing the flavours to meld.
Remove from heat, let the escabeche cool slightly, and then transfer the contents to a large, non-metallic dish. Cover and refrigerate for at least 6 hours, or ideally overnight, to allow the marinade to fully infuse the fish or meat.
Before serving, bring the escabeche to room temperature. The chilled flavours will have melded into a tangy, savoury profile unique to this preparation method.
Serve the escabeche garnished with fresh parsley alongside crusty bread, roasted potatoes, or a light salad. This dish pairs beautifully with olives and fresh herbs, enhancing its aromatic and savoury flavours.