Heat the olive oil in a wide skillet or paella pan over medium-high heat.
Add the cubed chicken breast to the pan, seasoning with half of the salt and pepper, and sear until golden brown on all sides.
Stir in the diced onion and red bell pepper, sautéing for 3-4 minutes until the vegetables begin to soften.
Add the minced garlic, smoked paprika, and Bomba rice, stirring for 1 minute to toast the rice and coat it in the oil and spices.
Pour in the chicken broth and add the saffron threads, stirring once to distribute the ingredients evenly.
Bring the liquid to a boil, then reduce the heat to low and simmer undisturbed for 12-15 minutes until most of the liquid is absorbed.
Arrange the shrimp and frozen peas on top of the rice, pressing them down slightly, and cover the pan for 5 minutes until the shrimp are pink and opaque.
Remove from heat and let the paella rest for 2 minutes before serving with a fresh lemon wedge and the remaining salt and pepper.