Heat the extra virgin olive oil in a wide, shallow skillet over medium heat.
Add the diced yellow onion and red bell pepper, sautéing for 4 minutes until softened.
Stir in the minced garlic, smoked paprika, and saffron threads, cooking for 1 minute until highly aromatic.
Add the dry bomba rice to the pan, stirring for 2 minutes to toast the grains and coat them in the spiced oil.
Pour in the seafood stock, sea salt, and black pepper; bring the mixture to a boil, then reduce to a low simmer.
Cook the rice undisturbed for 10 minutes to allow the flavors to meld and the liquid to partially absorb.
Gently nestle the shrimp and cubed cod fillet into the rice, and scatter the frozen peas across the top.
Cover the pan and continue simmering for 5 to 7 minutes until the seafood is opaque and the rice is tender.
Remove from heat and let the paella rest for 2 minutes before serving with a fresh lemon wedge.