Paras is the only son of the deposed King Gyanendra and Queen Komal of Nepal. He has one sister, Prerana. He received his early education at St. Joseph's College in Darjeeling, India;Sidhart Banasthali Buddhanilkantha School, Kathmandu; and Laboratory School, Kathmandu. He later attended Luther College in Iowa, and the Schiller International University in the United Kingdom studying for an undergraduate degree in Business Administration. However, he did not complete his undergraduate education.

Paras married Himani Rajya Laxmi Devi Shah a member of the Princely family of Sikar on 25 January 2000. They have three children:Purnika Rajya Laxmi Devi Shah (b. 12 December 2000), Hridayendra Bir Bikram