Heat the extra virgin olive oil in a small paella pan or heavy skillet over medium heat.
Add the diced Spanish chorizo and sauté for 2 minutes until the oils render and the pan becomes fragrant.
Stir in the diced onion and red bell pepper, cooking for 3-4 minutes until softened.
Add the minced garlic and smoked paprika, stirring constantly for 30 seconds to avoid burning.
Add the Bomba rice to the pan and stir for 1 minute to coat the grains in the smoky oil.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper.
Bring the mixture to a simmer, then reduce the heat to low and cook undisturbed for 12-15 minutes until most of the liquid is absorbed.
Arrange the shrimp and mussels on top of the rice and scatter the frozen peas evenly over the surface.
Cover the pan with a lid or foil and steam for 5-7 minutes until the shrimp are pink and the mussels have opened.
Garnish with freshly chopped parsley and serve immediately with a lemon wedge.