In a small bowl, crush the saffron threads into the warm chicken bone broth and set aside to infuse.
Heat the olive oil in a wide, shallow skillet or paella pan over medium heat.
Add the diced chorizo and cook until the fat renders and the edges are slightly crisp.
Add the diced onion and red bell pepper to the pan, sautéing until softened and fragrant.
Stir in the minced garlic, smoked paprika, sea salt, and black pepper, cooking for 1 minute.
Add the Bomba rice to the pan, stirring for 2 minutes to toast the grains and coat them in the flavorful oils.
Pour in the saffron-infused broth. Stir once to distribute the rice evenly, then do not stir again to allow the socarrat (crust) to form.
Simmer for about 12-15 minutes until most of the liquid is absorbed and the rice is nearly tender.
Arrange the shrimp and frozen peas on top of the rice, pressing them down slightly.
Cover the pan and cook for another 5 minutes until the shrimp are pink and opaque.
Turn the heat up to medium-high for the last 60 seconds to finish the bottom crust, listening for a slight crackling sound.
Remove from heat, let rest for 5 minutes, then garnish with fresh parsley and a lemon wedge before serving.