Heat the extra virgin olive oil in a wide, shallow pan or paella pan over medium heat.
Add the diced onion and red bell pepper, sautéing for 4-5 minutes until the vegetables are softened and the onions are translucent.
Stir in the minced garlic, smoked paprika, sea salt, and black pepper, cooking for 1 minute until highly fragrant.
Add the bomba rice to the pan, stirring constantly for 2 minutes to toast the grains and coat them in the spiced oil.
Crumble the saffron threads into the seafood broth and pour the mixture into the pan; stir once to distribute the rice and then do not stir again.
Bring the liquid to a gentle simmer, then reduce the heat to low and cook undisturbed for 12-15 minutes until most of the broth is absorbed.
Press the shrimp and mussels into the rice, and scatter the frozen peas over the top of the pan.
Cover the pan with a lid or foil and cook for an additional 5-7 minutes until the shrimp are opaque and the mussels have fully opened.
Remove from heat, garnish with freshly chopped parsley, and serve immediately with a lemon wedge for squeezing.