For the quick pea broth: Combine all ingredients in Dutch oven and bring to boil over medium-high heat. Reduce heat to medium-low, partially cover, and simmer for 30 minutes.
Strain broth through fine-mesh strainer into medium saucepan, pressing on solids with wooden spoon to extract as much liquid as possible. Cover and keep warm over low heat until ready to use.
For the soup: Heat oil in non-empty pot over medium heat until shimmering. Add onion and pancetta and cook, stirring occasionally, until onion is softened and lightly browned, 5 to 7 minutes.
Stir in garlic and cook until fragrant, about 30 seconds.
Add rice and stir to coat with oil.
Add wine and cook until mostly absorbed.
Add frozen peas and hot broth, stirring occasionally.
Cook until rice is tender and soup has thickened, about 15 minutes.
Stir in Parmesan cheese, parsley, and lemon juice.
Season with salt and pepper to taste.
