Soak the rice noodles in a bowl of warm water until pliable but not too soft, about 30 minutes. Drain.
Run a vegetable peeler along the length of the carrot and zucchini to create noodle-like ribbons. Keep the two separate and set aside.
Mix together the fish sauce, lime juice, sugar, oyster sauce and Sriracha in a small bowl. Remove 1 teaspoon of the sauce and toss with the shrimp, let sit at room temperature.
Heat 1 teaspoon of the oil in a large nonstick skillet over medium-high heat. Scatter the shrimp in one layer in the skillet. Sear for 1 minute, then remove to a plate.
Add the remaining tablespoon of oil to the skillet over medium-high heat. Add the garlic, red pepper slices, carrot ribbons and soaked noodles; stir-fry for 30 seconds. Add the sauce and 1/2 cup water; stir until the noodles have softened, 1 to 2 minutes. Add the zucchini ribbons, bean sprouts, scallions and reserved shrimp. Stir-fry for another minute. If the noodles look too dry, add a little more water.
Divide evenly among four plates. Sprinkle with peanuts. Serve with lime wedges, Sriracha and fish sauce on the side.