Heat the extra virgin olive oil in a paella pan or wide skillet over medium heat.
Add the diced onion and red bell pepper, sautéing until the vegetables are softened and translucent, about 4-5 minutes.
Stir in the minced garlic, smoked paprika, and tomato puree, cooking for another 2 minutes until the mixture is fragrant and slightly darkened.
Add the dry Bomba rice to the pan, stirring constantly for 1 minute to ensure every grain is toasted and coated in the oil and aromatics.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper; stir once to distribute and bring the liquid to a gentle boil.
Reduce the heat to low and simmer the rice undisturbed for 10 minutes, allowing the grains to absorb the liquid.
Carefully arrange the shrimp, mussels, and bay scallops on top of the rice, pressing them down slightly into the liquid.
Scatter the frozen peas over the top, then cover the pan and cook for 8-10 minutes until the seafood is fully cooked and the mussels have opened.
Remove the lid and increase the heat to medium-high for 1-2 minutes without stirring to develop the 'socarrat'—the signature crispy rice layer on the bottom.
Garnish with chopped fresh parsley and serve immediately with a fresh lemon wedge for squeezing.