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Heat olive oil over medium high heat in a paella pan or large skillet. Saute chorizo for about 5 minutes.
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Move chorizo to one side of the pan. In the open space, add the onion and saute for 2 minutes until translucent, then add garlic and red pepper. Stir together with chorizo and cook for another minute.
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Add rice and saute for 1-2 minutes, then add the broth, salt, pepper, paprika, and saffron. Bring broth to a boil, then lower temperature to simmer on medium-low. Cover the pan for 15 minutes while it simmers.
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After those 15 minutes, add the mussels, shrimp, and peas to the pan and cover it again. Let it simmer for another 5-10 minutes until the shrimp are pink and mussels have opened.
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Serve with chopped parsley and lemon wedges.