In a small bowl, bloom the saffron threads in warm seafood stock and set aside.
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 oils are rendered and the edges are crisp.
Stir in the diced onion and red bell pepper, sautéing until the vegetables are softened.
Add the minced garlic and smoked paprika, stirring for 30 seconds until fragrant.
Add the bomba rice to the pan, stirring for 1 minute to toast the grains and coat them in the chorizo oil.
Pour in the saffron-infused seafood stock and season with sea salt and black pepper.
Bring to a simmer, then reduce heat to low; cook undisturbed for 10 minutes to allow the rice to absorb the liquid.
Nestle the shrimp and mussels into the rice, cover the pan, and cook for another 5-7 minutes until the shrimp are pink and mussels have opened.
Gently scatter the peas over the top during the last 2 minutes of cooking.
Remove from heat and let rest for 3 minutes before serving with a fresh lemon wedge.