In a small saucepan, warm the seafood broth over low heat and add the saffron threads to steep while you prepare the base.
Heat the extra virgin olive oil in a wide, shallow skillet or paella pan over medium heat.
Sauté the diced onion and red bell pepper for 4-5 minutes until the vegetables are softened and fragrant.
Stir in the minced garlic and smoked paprika, cooking for 1 minute until the spices are toasted and aromatic.
Add the Bomba rice to the pan, stirring for 2 minutes to coat every grain in the oil and spice mixture.
Pour in the saffron-infused broth, sea salt, and black pepper; bring to a simmer, then reduce heat to medium-low.
Cook for 10-12 minutes without stirring to allow the rice to absorb the liquid and form a slight crust on the bottom.
Arrange the shrimp and mussels on top of the rice, pressing them down slightly into the grains.
Cover the pan with a lid or foil and cook for another 5-7 minutes until the shrimp are pink and the mussels have opened.
Scatter the frozen peas over the top, cover for 1 minute to warm through, and serve immediately with a fresh lemon wedge.