Heat the olive oil in a wide shallow paella pan or 30cm cast-iron pan over medium heat. Add the onion and capsicum, cook 5 minutes until softened.
Add the garlic and smoked paprika, cook 1 minute. Add the chopped tomatoes, cook 6 to 8 minutes until reduced to a thick brick-red sofrito.
Add the chorizo rounds, brown 2 minutes.
Add the rice, stir to coat in the chorizo oil for 2 minutes until the grains turn slightly translucent at the edges.
Pour over the hot stock. Crumble the saffron between your fingers as you add it. Season with salt and pepper. Stir once. Do not stir again.
Simmer uncovered over medium heat for 15 minutes, until the surface goes from glossy to dry.
Arrange the prawns across the surface, push them slightly into the rice. Scatter the peas. Cook another 5 minutes.
Push the heat to high for the final 60 to 90 seconds. Listen for the rice to crackle (this is the socarrat developing).
Take the pan off the heat. Cover with a clean tea towel. Rest 5 minutes.
Scatter with chopped parsley. Arrange lemon wedges around the edge. Serve in the pan, at the table.