Wells was born in San Francisco, California, to Austrian-American psychiatrist Wolfgang Lederer and Romanian-American psychologist Alexandra Botwin Lederer; her parents fled World War II-era Europe. She had Ashkenazi and Sephardic Jewish ancestry.
Wells worked as a disc jockey at San Francisco jazz radio station KJAZ FM. She graduated from U.C. Berkeley and UCLA.
She wrote a number of successful screenplays and directed three for which she had created the script. Her works were primarily comedies and romance films. Among her films are The Truth About Cats & Dogs (1996) and Under the Tuscan Sun (2003), both of which she also produced. Her 1999 film Guinevere won the Waldo Salt Screenwriting Award at the Sundance Film Festival. Wells also co-wrote the script for the comedy The Game Plan.

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