Heat the olive oil in a large, heavy-bottomed pan or skillet over medium heat. Add the sliced chorizo and cook for 3-4 minutes until it releases its red oil and becomes slightly crisp.

Add the chopped onion and diced red bell pepper to the pan with the chorizo. Sauté for about 5 minutes until the vegetables are softened and translucent.

Stir in the minced garlic, smoked paprika, and dried thyme, cooking for another minute until fragrant to prevent the garlic from burning.

Add the rice to the pan and stir well to coat the grains in the spicy oil. Toast the rice for 1-2 minutes to enhance its nutty flavor.

Pour in the diced tomatoes and chicken broth. Stir to combine, bring the mixture to a boil, then reduce the heat to low, cover, and simmer for 15 minutes.

Uncover the pan and nestle the raw prawns into the rice mixture, then scatter the frozen peas on top. Cover again and cook for another 5-8 minutes until the prawns are pink and opaque and the rice is tender.

Remove the pan from the heat and let it rest, covered, for 5 minutes to allow any remaining liquid to absorb. Fluff the rice gently with a fork.

Serve hot, garnished with fresh parsley and lemon wedges on the side for squeezing over the dish.