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 released.
Stir in the diced onion and red bell pepper, sautéing until the vegetables are softened and translucent.
Add the minced garlic, smoked paprika, sea salt, and black pepper, cooking for 30 seconds until fragrant.
Stir in the tomato puree and the bomba rice, coating the grains thoroughly in the oil and spices.
Pour in the seafood broth and add the saffron threads; bring to a boil, then reduce heat to a low simmer.
Allow the rice to cook undisturbed for about 10 minutes to help develop the 'socarrat' (crispy bottom).
Nestle the shrimp, mussels, and cubed cod into the rice; cover and cook for another 5-8 minutes until the seafood is opaque and mussels have opened.
Scatter the frozen peas over the top during the last 2 minutes of cooking.
Remove from heat, garnish with fresh parsley, and serve with a lemon wedge to brighten the flavors.