In a small bowl, crush the saffron threads into the warm bone broth and set aside to bloom.
Heat the olive oil in a wide, shallow skillet or paella pan over medium heat.
Add the diced chorizo and cook for 2-3 minutes until the fat renders and it becomes slightly crispy.
Stir in the onion and red bell pepper, sautéing until softened, then add the minced garlic and smoked paprika for 1 minute.
Add the rice to the pan, stirring to coat every grain in the flavorful oils for about 2 minutes.
Pour in the saffron-infused broth, sea salt, and black pepper; bring to a boil, then reduce heat to low and simmer undisturbed for 10 minutes.
Nestle the shrimp and mussels into the rice, cover the pan, and cook for another 5-8 minutes until the shrimp are pink and mussels have opened.
Scatter the frozen peas over the top during the last 2 minutes of cooking.
Remove from heat, let rest for 5 minutes, and garnish with fresh parsley and a lemon wedge before serving.