Add chicken broth to a sauce pan, add saffron. Allow to steep and warm through as you prepare the other ingredients.
In a large dutch oven pan or special paella pan, drizzle olive oil, adding chorizo. Sauté until fragrant and some of the oils from the chorizo release, about 2 minutes. Remove chorizo from pan. Add additional oil if needed.
Add cubed chicken breast, seasoning lightly with salt and pepper. Sauté until cooked through, about 5 minutes. Remove chicken from pan. Add additional oil if needed.
Season shrimp with salt, pepper, and 1 teaspoon smoked paprika. Add to sauté pan, cooking until they just turn pink. They will continue to cook in pan later. Remove shrimp from pan. Add additional oil if needed.
Add onion, sautéing 1 minute. Add garlic and red pepper, sautéing until all vegetables are softened. Add arborio rice, tossing to combine.
Add saffron broth to pan slowly. Cover and allow to cook for 20 minutes, watching to ensure rice doesn't overcook or burn.
Once rice has cooked, add peas, along with the chorizo, chicken, and shrimp back to the pan. Add in remaining 1 teaspoon of smoked paprika. Toss to combine.
Serve with lemon wedges, chopped parsley, and crisp white wine. Enjoy!