In a small bowl, steep the saffron threads in 2 tablespoons of warm seafood stock for 10 minutes to release their golden color.
Heat the olive oil in a wide paella pan or heavy skillet over medium heat, then add the sliced chicken chorizo and brown for 3-4 minutes.
Add the diced onion and red bell pepper to the pan, sautéing for 5 minutes until the vegetables are softened and fragrant.
Stir in the minced garlic and smoked paprika, cooking for just 1 minute to toast the spices without burning the garlic.
Add the Bomba rice to the skillet, stirring constantly for 2 minutes to ensure every grain is well-coated in the flavorful oils.
Pour in the remaining seafood stock and the saffron-infused liquid, then season with sea salt and black pepper.
Bring the liquid to a gentle boil, then reduce the heat to low and simmer uncovered for 15 minutes without stirring to allow the rice to absorb the broth.
Arrange the shrimp and frozen peas evenly over the top of the rice, then cover the pan with a tight-fitting lid or foil.
Cook for an additional 5-7 minutes until the shrimp are pink and opaque and the rice is tender with a slight crust on the bottom.
Remove from heat and let the paella rest covered for 5 minutes before garnishing with fresh parsley and serving with a bright lemon wedge.