Heat the olive oil in a wide skillet or paella pan over medium-high heat.
Add the diced chicken and sear for 4 minutes until golden brown, then remove and set aside.
Sauté the onion and red bell pepper in the same pan for 5 minutes until softened and fragrant.
Stir in the minced garlic, smoked paprika, and tomato puree, cooking for 2 minutes to meld the flavors.
Add the dry rice and stir for 1 minute to toast the grains slightly.
Pour in the chicken broth and saffron threads, bring to a boil, then reduce heat to low.
Simmer the rice undisturbed for 12 minutes to allow the liquid to absorb and the base to develop.
Place the shrimp, reserved chicken, and frozen peas on top of the rice.
Cover and cook for an additional 6 minutes until the shrimp are opaque and pink.
Increase the heat to medium for 1 minute to create the crispy socarrat on the bottom, then serve with fresh parsley and a lemon wedge.