In a small bowl, crumble the saffron threads into the seafood broth and let it sit for 10 minutes to infuse.
Heat the olive oil in a small paella pan or wide skillet over medium heat.
Add the diced chorizo and cook for 2 minutes until the fat renders and the edges are slightly crisp.
Add the onion and red bell pepper to the pan, sautéing until softened, then stir in the minced garlic and smoked paprika for 30 seconds.
Stir in the Bomba rice, ensuring every grain is well-coated with the oil and spices.
Pour in the saffron-infused broth, sea salt, and black pepper; bring the mixture to a boil, then reduce to a low simmer.
Do not stir the rice from this point on to allow the traditional crust, or socarrat, to form on the bottom of the pan.
After about 10 minutes of simmering, nestle the shrimp and mussels into the rice.
Scatter the frozen peas over the top and cover the pan for 5-7 minutes until the shrimp are pink and the mussels have opened.
Remove from heat, let the dish rest for 5 minutes, then garnish with fresh parsley and a lemon wedge before serving.