Heat the olive oil in a wide, heavy-bottomed skillet over medium heat.
Add the diced chorizo and cook for 2-3 minutes until the oils are released and the edges are slightly crisp.
Stir in the diced onion and bell pepper, sautéing until the vegetables are softened and translucent.
Add the minced garlic, smoked paprika, and rice to the pan, stirring for 1 minute to toast the grains and coat them in the flavorful oils.
Pour in the seafood broth and add the saffron threads, bringing the mixture to a gentle simmer.
Reduce the heat to low, cover the pan, and cook for 12-15 minutes without stirring to allow the rice to absorb the liquid.
Arrange the shrimp and frozen peas on top of the rice, cover again, and cook for an additional 4-5 minutes until the shrimp are opaque and pink.
Remove from heat, season with sea salt and black pepper, and garnish with freshly chopped parsley before serving.