Paulo Lopes joined the Benfica youth system at the age of 15 and was promoted to the first team at 19, before spending the middle of his career elsewhere in Portugal, winning promotion to the top flight with both Trofense and Feirense. He returned to the Estádio da Luz in the summer of 2012 and stayed until he retired at the end of the 2017/18 season, serving mainly as a reserve goalkeeper and making 11 appearances for the club while collecting seven trophies. His senior playing career spanned 21 years and 81 Primeira Liga matches, and in July 2023 he came back to Benfica as manager of the club's under-23 team.