Heat the olive oil in a wide, shallow skillet or paella pan over medium heat.
Add the sliced chorizo and cook for 2 minutes until the fat renders, then remove the chorizo and set aside.
In the same pan, sauté the diced onion, red bell pepper, and garlic until the vegetables are softened and fragrant.
Stir in the Bomba rice and smoked paprika, coating the grains in the oil and toasting them for 1 minute.
Pour in the seafood broth, tomato puree, and saffron threads, stirring once to distribute the ingredients evenly.
Bring to a boil, then reduce heat to low and simmer undisturbed for 10 minutes.
Arrange the shrimp, mussels, and cooked chorizo on top of the rice, pressing them down slightly.
Cover and cook for another 8-10 minutes until the rice is tender, the liquid is absorbed, and the mussels have opened.
Remove from heat and let rest for 5 minutes before garnishing with fresh parsley and a lemon wedge.