As supercomputers continue to grow to exascale, the amount of data that needs to be saved or transmitted is exploding. To this end, many previous works have studied using error-bounded lossy compressors to reduce the data size and improve the I/O performance. However, little work has been done for effectively offloading lossy compression onto FPGA-based SmartNICs to reduce the compression overhead. In this paper, we propose a hardware-algorithm co-design of efficient and adaptive lossy compressor for scientific data on FPGAs (called CEAZ) to accelerate parallel I/O. Our contribution is fourfold: (1) We propose an efficient Huffman coding approach that can adaptively update Huffman codewords online based on codewords generated offline (from a variety of representative scientific datasets). (2) We derive a theoretical analysis to support a precise control of compression ratio under an error-bounded compression mode, enabling accurate offline Huffman codewords generation. This also helps us create a fixed-ratio compression mode for consistent throughput. (3) We develop an efficient compression pipeline by adopting cuSZs dual-quantization algorithm to our hardware use case. (4) We evaluate CEAZ on five real-world datasets with both a single FPGA board and 128 nodes from Bridges-2 supercomputer. Experiments show that CEAZ outperforms the second-best FPGA-based lossy compressor by 2X of throughput and 9.6X of compression ratio. It also improves MPI_File_write and MPI_Gather throughputs by up to 25.8X and 24.8X, respectively.