Heat the extra virgin olive oil in a paella pan or wide stainless steel skillet over medium heat.
Add the sliced chorizo and sauté for 2-3 minutes until the oils are released and the edges are slightly crispy.
Stir in the diced onion and red bell pepper, cooking until softened, then add the minced garlic and smoked paprika, stirring for 30 seconds until fragrant.
Add the tomato puree and cook for 2 minutes, stirring constantly to create a thick, concentrated sofrito base.
Stir in the Bomba rice, ensuring every grain is well-coated with the oil and sofrito.
Combine the saffron threads with the warm seafood bone broth and pour the mixture over the rice; season with sea salt and black pepper.
Level the rice with a spoon and simmer undisturbed for 10 minutes on medium-low heat to allow the socarrat crust to begin forming on the bottom.
Nestle the shrimp into the rice and scatter the frozen peas across the top; continue simmering for another 5-8 minutes until the liquid is fully absorbed and the shrimp are pink and opaque.
Remove from heat, cover with a clean kitchen towel for 5 minutes, then garnish with fresh parsley and serve with a lemon wedge.