Paredes was signed as an amateur free agent with the New York Yankees. He made his professional debut in 2007 with the Dominican Summer Yankees 1. He came to America for the 2008 season and played with the Gulf Coast League Yankees. He played 2009 with the Staten Island Yankees of the Class A-Short Season New York–Penn League, where he was an All-Star, batting .302 with 23 steals in 54 games. He started 2010 with the Charleston RiverDogs of the Class A South Atlantic League (SAL). At the July 30 trade deadline, the Yankees traded Paredes with Mark Melancon to the Houston Astros for Lance Berkman.
The Astros assigned Paredes to the Lexington Legends of the SAL. After the season, the Astros added Paredes to their 40-man roster to protect him from the Rule 5 draft. He signed a one-year, $414,000 deal before the season started. He started the 2011 season with the Corpus Christi Hooks of the Class AA Texas League, where he was an All-Star, splitting time at second and third base, batting .271 with 29 steals and 41 runs batted in (RBIs).
On August 1, 2011, the Astros promoted Paredes to the major leagues to play third base, replacing the struggling Chris Johnson. In his first major league at bat, Paredes hit a two-run triple, becoming the first player in franchise history to triple in his first major league plate appearance.
In 2012, he batted .189, and in 2013 he batted .192.
After the 2013 season, the Astros removed Paredes from their 40-man roster, placing him on waivers. He was claimed by the Miami Marlins. He was designated for assignment on February 7, 2014.
On February 15 he was claimed off waivers by the Baltimore Orioles. On February 17, he was claimed off waivers by the Kansas City Royals. The Royals designated Paredes for assignment on July 16, after trading for Jason Frasor.
Paredes was acquired by the Baltimore Orioles on July 24, 2014. On September 12, 2014, Paredes hit his first career walk off hit, a double off of New York Yankees pitcher Adam Warren in a 2-1 victory.
Paredes was not seen as a top contender for the Orioles' 25-man roster going into the 2015 season. However, Paredes had an extremely impressive spring training, batting .364/.368/.636 with seven doubles, a triple, two homers and 12 RBIs. After a short stint on the disabled list to start the season, Paredes was activated to the Orioles' roster on April 18, 2015.
Through July 20, 2015, Paredes hit .294/.326/.463, with ten home runs and 39 RBIs. Despite his hot start, Paredes cooled off dramatically during the final months of the season, and he hit .275/.310/.416, with ten home runs, 42 RBIs, 17 doubles, 2 triples, 46 runs scored, and he collected exactly 100 hits. Paredes primarily played DH during the 2015 campaign, playing 81 games at the position, 11 as a pinch-hitter, eight as a third baseman, six at second base, two in right field, and one game as a pinch-runner and left fielder.
On May 16, 2016, Paredes was claimed off waivers by the Toronto Blue Jays. He was designated for assignment on May 30. He played in 7 games for the Blue Jays, and hit .267 with one home run and two RBI.
On June 1, 2016, Paredes was traded to the Philadelphia Phillies for cash considerations or a player to be named later.
On January 5, 2017, Paredes signed a one-year, $1.2 million contract with the Chiba Lotte Marines of Nippon Professional Baseball.