Heat the extra virgin olive oil in a paella pan or wide skillet over medium heat.
Add the diced onion and red bell pepper, sautéing until softened and translucent, about 5 minutes.
Stir in the minced garlic, smoked paprika, and tomato puree, cooking for 2 minutes until the mixture is fragrant and slightly darkened.
Add the Bomba rice to the pan and stir for 1 minute to ensure each grain is well-coated with the oil and aromatics.
Pour in the seafood broth and add the saffron threads; stir once to distribute and then bring the liquid to a gentle simmer.
Reduce the heat to low and cook undisturbed for 12-15 minutes until the rice has absorbed most of the liquid but is still slightly firm.
Arrange the shrimp, scrubbed mussels, and squid rings on top of the rice; cover the pan with a lid or foil and cook for 5-7 minutes until the shrimp are pink and the mussels have opened.
Scatter the frozen peas over the top during the last 2 minutes of cooking to warm through.
Season with sea salt and black pepper, garnish with chopped fresh parsley, and serve immediately with a fresh lemon wedge.