Heat olive oil in a paella pan or wide skillet over medium heat.
Sauté the diced onion and red bell pepper until softened and translucent, about 5 minutes.
Stir in the minced garlic, smoked paprika, and tomato puree, cooking for 2 minutes until fragrant.
Add the Bomba rice to the pan and stir for 1 minute to toast the grains and coat them in the aromatics.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper.
Bring the mixture to a boil, then reduce the heat to low and simmer undisturbed for 10 minutes.
Arrange the shrimp and cleaned mussels on top of the rice, pressing them slightly into the liquid.
Scatter the frozen peas over the top, cover the pan with a lid or foil, and cook for 8-10 minutes until the seafood is cooked through.
Remove the lid and increase the heat to medium-high for 60 seconds to develop the caramelized socarrat crust on the bottom of the rice.
Garnish with fresh chopped parsley and serve immediately with a fresh lemon wedge.