Gather the ingredients.

Stir together saffron and ¼ cup of the broth in a small bowl. Let stand at room temperature at least 15 minutes or up to 1 hour.

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, black pepper, and 1 teaspoon 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.

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 ½ teaspoon salt; bring to a simmer over medium-high.

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.