Heat the olive oil in a paella pan or wide skillet over medium heat.
Add the chorizo and cook until the fat renders and the edges are slightly crisp.
Add the onion and red bell pepper, sautéing until the vegetables are softened and fragrant.
Stir in the garlic, smoked paprika, and Bomba rice, toasting the grains for 1-2 minutes until translucent.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper.
Bring to a boil, then reduce heat to low and simmer undisturbed for 10 minutes.
Arrange the shrimp and mussels on top of the rice, pressing them in slightly.
Cover and cook for another 8-10 minutes until the liquid is absorbed and the mussels have opened.
Increase heat to medium-high for 1 minute to create the toasted rice crust on the bottom.
Remove from heat, sprinkle with peas and parsley, and serve with a fresh lemon wedge.