Heat olive oil in a large paella pan or wide skillet over medium-high heat. Add the chicken pieces and brown on all sides, about 5 minutes, then remove from the pan and set aside.

In the same pan, add the sliced chorizo and cook for 2 minutes until the fat renders. Add the onion and red bell pepper, sautéing for 5 minutes until softened. Stir in the garlic and cook for another minute.

Add the rice and smoked paprika to the pan, stirring to coat the grains in the oil and toasted spices for about 2 minutes.

Pour in the hot chicken broth and the saffron with its soaking water. Stir gently to distribute the ingredients evenly, then return the cooked chicken to the pan.

Bring the mixture to a boil, then reduce the heat to medium-low. Simmer without stirring for about 15 minutes, allowing the rice to absorb most of the liquid.

Arrange the shrimp, mussels, and peas on top of the rice, pressing them slightly into the liquid. Cover the pan with foil or a lid and cook for another 6-8 minutes, or until the shrimp are pink and the mussels have opened.

Remove the pan from the heat and let it rest, covered, for 5 minutes to allow the rice to finish steaming. Serve immediately with lemon wedges on the side.