Heat olive oil in a paella pan or wide skillet over medium heat.
Add diced onion and red bell pepper, sautéing until softened and slightly caramelized.
Stir in minced garlic, smoked paprika, and tomato puree, cooking for 2 minutes.
Add the Bomba rice, stirring to coat the grains in the aromatic oil and tomato mixture.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper.
Bring to a simmer, then reduce heat to low and cook undisturbed for 10 minutes.
Arrange the shrimp and cod pieces on top of the rice, pressing them down slightly.
Continue cooking for 8-10 minutes until the seafood is opaque and the liquid is absorbed.
Increase heat to medium-high for 1 minute to develop the crispy socarrat on the bottom.
Garnish with fresh parsley and serve with a lemon wedge for a bright finish.