Heat olive oil in a large pot over medium heat.
Add diced onion and cook for 3-4 minutes until softened.
Add minced garlic, diced carrots, and diced red bell pepper. Cook for 5 minutes, stirring occasionally.
Stir in diced tomatoes, smoked paprika, ground cumin, dried thyme, and cayenne pepper. Cook for 2 minutes to release the spices’ aroma.
Add rinsed rice to the pot and stir to coat with the vegetable and spice mixture.
Pour in vegetable broth and bring the mixture to a boil.
Reduce heat to low, cover the pot, and simmer for 20 minutes.
After 20 minutes, stir in frozen peas, cover again, and cook for an additional 5-10 minutes until the rice is tender and the liquid is absorbed.
Season with salt and black pepper to taste.
Remove from heat and let the stew rest covered for 5 minutes.
Stir in chopped fresh parsley before serving.