Heat the extra virgin olive oil in a 10-inch paella pan or wide stainless steel skillet over medium heat.
Add the diced yellow onion and red bell pepper, sautéing for 4-5 minutes until the vegetables are softened and slightly caramelized.
Stir in the minced garlic, smoked paprika, sea salt, and black pepper, cooking for 30 seconds until highly fragrant.
Add the dry bomba rice to the pan, stirring constantly for 2 minutes to toast the grains and coat them in the flavored oil.
Crumble the saffron threads into the seafood broth and pour the liquid into the pan, stirring once to distribute the rice evenly.
Bring the liquid to a gentle simmer, then reduce heat to medium-low; cook undisturbed for 10-12 minutes so the rice can absorb the broth.
Arrange the shrimp and scrubbed mussels on top of the rice, pressing them down slightly, and scatter the frozen peas over the surface.
Cover the pan with a tight-fitting lid or foil and cook for an additional 5-7 minutes until the shrimp are pink and the mussels have opened.
Remove the lid and increase the heat to medium-high for 60-90 seconds to develop the 'socarrat' (the toasted, crispy rice layer on the bottom).
Remove from heat, garnish with fresh chopped parsley, and serve immediately with a fresh lemon wedge.