Heat the extra virgin olive oil in a wide, shallow paella pan or skillet over medium heat until shimmering.
Add the sliced chorizo and cook for 2-3 minutes until the oils are released and the edges are slightly crisp; remove and set aside.
In the same pan, sauté the diced yellow onion and red bell pepper for 4 minutes until softened and fragrant.
Stir in the Bomba rice, smoked paprika, sea salt, and black pepper, toasting the grains for 1 minute to absorb the flavors.
Pour in the low-sodium chicken broth, crushed tomatoes, and saffron threads, stirring once to distribute the ingredients evenly.
Bring to a boil, then reduce heat to low and simmer uncovered for 12-15 minutes without stirring to allow the rice to absorb the liquid.
Gently press the shrimp and scrubbed mussels into the rice, scatter the frozen peas on top, and return the chorizo to the pan.
Cover and cook for another 5-7 minutes until the shrimp are pink, the mussels have opened, and the rice is tender.
Remove from heat and let rest for 5 minutes before garnishing with fresh parsley and serving with a lemon wedge.