Confused about Owl carousel with Paragraph
You have to separate between two components:
A) Markup generated on server-side by Drupal, which is used as base structure for Owl carousel.
B) Markup modified by Owl in the client's browser.

Drupal render's something like

&lt;div class="partners wow fadeInUp"&gt;
  &lt;!-- the for loop renders one &lt;div&gt;&lt;img&gt;&lt;/div&gt; per paragraph on server side --&gt;
  {% for item in paragraph.field_client_image %}
    &lt;div class="item"&gt;
      &lt;img src="{{ file_url(item.entity.uri.value) }}" alt=""&gt;
    &lt;/div&gt;
  {% endfor %}
&lt;/div&gt;


The code above is not really depending or specific for Owl carousel.

The thing transforms it to a carousel is a JS call similar to

$(document).ready(function(){
  $(".partners").owlCarousel();
});


somewhere else in a JS file of your theme or a module. This is the "magic" that transforms the server-rendered HTML to something like your screenshot is showing (adding additional &lt;div&gt;s, classes and styles)