He began his football career at Santiago Morning of the first tier of his country, in where scored 98 goals in 107 appearances during five seasons. In June 2009, was sold to Chilean powerhouse club Colo-Colo, for a US$500.000 transfer fee.
On 2 June 2009, was reported that powerhouse club Colo-Colo acquired to Paredes in a US$500.000 fee, for a two–season contract. After a successful season in the Clausura Tournament, in where scored nine goals, Paredes won his first Primera División title in his career, in where he was a key player in that tournament achieved. He started the next season of very good form scoring five goals in six games, but unfortunately, on 31 March 2010, Paredes suffered a serious injury against Venezuela in a friendly game, which mean that will miss one month of action with Colo-Colo. On 25 April, when Hugo Tocalli leave the charge for personal reasons and shortly after arrived Diego Cagna, he incremented his tally goal, scoring seven in the last part of the tournament, thanks to that, he was placed by the IFFHS in the 14th place of the league top-scorers of the world. Despite of this achievement, the team had a regular season, after losing a championship practically won to Universidad Católica in the last weeks.
In the next season, he was a key player in all tournaments that Colo-Colo disputed, but his best performance in the 2011 Copa Libertadores was in a 3–2 home win over Santos, in where commentators of Fox Sports declared that he was better than Neymar in the match. However, in that season, the club had five coaches in one season, being the last Ivo Basay, in a very unsuccessful season, in where Colo-Colo did not win the tournaments that they participated in.