Heat the olive oil in a wide, shallow pan over medium heat.
Add the diced onion and red bell pepper, sautéing until the vegetables are softened and slightly caramelized.
Stir in the minced garlic, smoked paprika, sea salt, and black pepper, cooking for 1 minute until fragrant.
Add the dry Bomba rice and tomato puree to the pan, stirring to coat the rice grains in the aromatics.
Pour in the seafood stock and add the saffron threads, stirring once to distribute.
Bring the liquid to a boil, then reduce the heat to low and simmer undisturbed for 12-15 minutes until the rice is nearly tender.
Nestle the shrimp and mussels into the rice and sprinkle the frozen peas over the top.
Cover the pan and cook for another 5-7 minutes until the shrimp are pink and the mussels have opened.
Remove from heat and let the paella rest for 5 minutes to allow the flavors to meld.
Garnish with fresh parsley and serve with a lemon wedge for a bright finish.