Heat the extra virgin olive oil in a paella pan or large wide skillet over medium heat.
Add the diced onion and red bell pepper, sautéing for 5 minutes until the vegetables are softened and fragrant.
Stir in the minced garlic and smoked paprika, followed by the Bomba rice, toasting the grains for 1 minute to absorb the flavors.
Pour in the seafood stock, tomato puree, and saffron threads, stirring once to distribute the ingredients evenly.
Bring the mixture to a gentle simmer, then reduce the heat to medium-low and cook undisturbed for 12 minutes.
Arrange the shrimp and sea scallops on top of the rice, then sprinkle the frozen peas over the surface.
Cover the pan with a tight-fitting lid or foil and cook for an additional 6-8 minutes until the seafood is opaque and the liquid is fully absorbed.
Remove from heat, season with sea salt and black pepper, and garnish with fresh parsley and a lemon wedge before serving.