Heat the olive oil in a large, deep skillet or paella pan over medium heat. Add the diced chorizo and cook until it releases its oils and becomes crispy at the edges, about 3 to 4 minutes.

Add the chopped onion and red bell pepper to the skillet. Sauté until the vegetables are softened and the onion is translucent, which should take about 5 minutes.

Stir in the minced garlic and smoked paprika. Cook for 1 minute until highly fragrant, stirring continuously to ensure the paprika doesn't burn.

Pour in the rice, stirring constantly for 2 minutes to lightly toast the grains and coat them thoroughly in the flavorful chorizo oil.

Deglaze the pan with the white wine, scraping up any browned bits from the bottom of the skillet. Let the wine simmer until mostly evaporated, about 2 minutes.

Pour in the chicken broth and diced tomatoes with their juices. Bring the mixture to a gentle boil, then reduce the heat to low, cover, and simmer for 15 minutes, or until the rice is mostly tender and has absorbed the majority of the liquid.

Arrange the prawns and frozen peas evenly over the top of the rice. Cover the skillet again and cook for an additional 4 to 5 minutes, or until the prawns turn pink and opaque.

Remove the pan from the heat and let it rest, covered, for 5 minutes to allow the flavors to meld. Garnish with fresh chopped parsley and serve warm with lemon wedges for squeezing over the top.