Step 1

Stir together saffron and 1/4 cup of the broth in a small bowl. Let stand at room temperature at least 15 minutes or up to 1 hour.

Step 2

Meanwhile, heat oil in a 12-inch cast-iron skillet over medium-high. Add chorizo; cook, stirring occasionally, until lightly browned, about 2 minutes. Using a slotted spoon, transfer chorizo to a plate lined with paper towels; reserve drippings in skillet. Add chicken, pepper, and 1 teaspoon of the salt to skillet; cook over medium-high, stirring occasionally, until lightly browned but not fully cooked, about 7 minutes. Using slotted spoon, transfer chicken to plate with chorizo. Do not wipe skillet clean.

Step 3

Add onion and bell pepper to skillet; cook over medium-high, stirring occasionally, until tender, about 5 minutes. Stir in garlic and smoked paprika; cook, stirring constantly, until fragrant, about 1 minute. Stir in tomatoes and rice; cook, stirring constantly, until liquid is almost fully absorbed, about 2 minutes. Carefully stir in saffron mixture and remaining 3 cups broth and 1/2 teaspoon salt; bring to a simmer over medium-high.

Step 4

Return chorizo and chicken to skillet, stirring lightly to partially cover with rice; sprinkle mixture with peas (do not stir peas in). Cook, uncovered and undisturbed, over medium-low, rotating skillet occasionally to evenly distribute heat, until chicken and rice are tender and liquid is almost fully absorbed, about 20 minutes. Remove from heat; cover and let stand at room temperature until liquid is fully absorbed, about 5 minutes. Garnish with parsley and lemon wedges.