Heat olive oil in a wide, shallow skillet or paella pan over medium heat.
Add the sliced chorizo and cook until the edges are crisp and the flavorful oils are released.
Stir in the diced onion and red bell pepper, sautéing until the vegetables are softened and fragrant.
Add the minced garlic, smoked paprika, and Bomba rice, stirring for one minute to toast the grains.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper.
Bring to a simmer, then reduce heat to low and cook undisturbed for 15 minutes until most liquid is absorbed.
Arrange the shrimp on top of the rice, cover the pan, and cook for another 5 minutes until the shrimp are pink and opaque.
Remove from heat and let rest for 5 minutes to allow the flavors to meld and develop a slight crust on the bottom.
Garnish with chopped fresh parsley and serve with a lemon wedge for a bright finish.