Heat the olive oil in a small paella pan or wide skillet over medium heat.
Add the diced onion and red bell pepper, sautéing until the vegetables are softened and slightly caramelized.
Stir in the minced garlic, smoked paprika, and saffron threads, cooking for 30 seconds until the spices release their aroma.
Add the dry bomba rice to the pan, stirring for 1 minute to toast the grains and coat them in the oil and spices.
Pour in the seafood broth and tomato puree, then season with sea salt and black pepper.
Bring the liquid to a gentle boil, then reduce the heat to low and simmer undisturbed for 10 to 12 minutes.
Arrange the shrimp, mussels, and frozen peas evenly over the top of the rice.
Cover the pan with a lid or foil and cook for an additional 5 to 7 minutes until the shrimp are pink and the mussels have opened.
Remove from heat and let rest for 2 minutes before garnishing with fresh parsley and serving with a lemon wedge.