Heat the olive oil in a large pot over medium heat.
Add the chopped onion and sauté for 3-4 minutes until translucent.
Add the minced garlic, diced carrot, and diced red bell pepper. Cook for 4-5 minutes until the vegetables soften.
Stir in the rinsed rice and cook for 1-2 minutes to lightly toast the rice.
Add the vegetable broth, ground cumin, smoked paprika, black pepper, and salt. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low and cover the pot with a tight-fitting lid.
Simmer for 18 minutes without lifting the lid.
After 18 minutes, remove the lid and gently stir in the frozen peas. Cover and cook for an additional 5 minutes.
Remove the pot from heat and let it sit covered for 5 minutes to allow the rice to finish steaming.
Fluff the rice with a fork and stir in the chopped fresh parsley before serving.