Heat the olive oil in a wide, shallow pan or paella pan over medium heat.
Add the diced onion and red bell pepper, sautéing until softened and translucent.
Stir in the minced garlic, smoked paprika, and saffron threads, cooking for 1 minute until fragrant.
Add the Bomba rice to the pan and stir to coat the grains in the oil and spices, toasting slightly for 2 minutes.
Pour in the crushed tomatoes and seafood stock, then season with sea salt and black pepper.
Bring the liquid to a boil, then reduce heat to a simmer. Do not stir the rice from this point forward to allow the bottom crust (socarrat) to form.
After 10 minutes of simmering, arrange the shrimp, mussels, and squid rings on top of the rice.
Scatter the frozen peas over the surface and continue to simmer for another 8-10 minutes until the liquid is absorbed and the mussels have opened.
Remove from heat, cover with a clean kitchen towel, and let rest for 5 minutes.
Garnish with chopped fresh parsley and serve with a lemon wedge.