Heat the extra virgin olive oil in a paella pan or wide skillet over medium heat.
Add the diced Spanish chorizo and sauté until the fat renders and the edges become slightly crisp.
Stir in the diced yellow onion and red bell pepper, cooking until the vegetables are softened and fragrant.
Add the minced garlic, grated tomato, and smoked paprika, cooking for an additional 2 minutes to form a thick sofrito.
Pour in the Bomba rice and stir thoroughly to ensure every grain is coated in the flavored oils.
Add the saffron threads to the seafood broth and pour the mixture into the pan; season with sea salt and black pepper.
Bring the liquid to a boil, then reduce the heat to a simmer, spreading the rice into an even layer.
Arrange the shrimp and mussels on top of the rice, pressing them down slightly into the liquid.
Cook undisturbed for 15 to 18 minutes until the rice is tender and the liquid has been fully absorbed.
Increase the heat to medium-high for the final 2 minutes to develop the golden, crusty socarrat on the bottom of the pan.
Remove from heat and let rest for 5 minutes before garnishing with fresh parsley and a lemon wedge.