Heat the extra virgin olive oil in a paella pan or wide, shallow skillet over medium heat.
Add the diced onion and red bell pepper, sautéing until softened and translucent.
Stir in the minced garlic and smoked paprika, cooking for 1 minute until highly aromatic.
Add the tomato puree and Bomba rice, stirring constantly for 2 minutes to toast the rice grains.
Pour in the seafood broth and add the saffron threads, sea salt, and black pepper.
Bring the mixture to a boil, then reduce heat to low and simmer undisturbed for 10 minutes.
Nestle the shrimp, mussels, and squid rings into the rice and scatter the frozen peas over the top.
Cover the pan and cook for 8 to 10 minutes until the seafood is opaque, mussels have opened, and liquid is absorbed.
Increase the heat to medium-high for 1 minute without stirring to develop the socarrat (crispy bottom crust).
Remove from heat, garnish with fresh parsley, and serve with a lemon wedge.