Heat olive oil in a large skillet over medium heat.
Add diced onion and red bell pepper to the skillet and sauté for 4-5 minutes until softened.
Add minced garlic and cook for 1 minute until fragrant.
Stir in rinsed rice, smoked paprika, ground cumin, crushed red pepper flakes, salt, and black pepper. Cook for 1-2 minutes, stirring frequently to toast the rice and spices.
Pour in chicken broth and bring the mixture to a boil.
Reduce heat to low, cover the skillet with a lid, and simmer for 15 minutes until the rice is tender and liquid is absorbed.
Remove the lid and evenly arrange the shrimp on top of the rice. Cover and cook for an additional 5-7 minutes until the shrimp are pink and opaque.
Stir in the thawed peas and cook uncovered for 2 minutes to heat through.
Remove the skillet from heat and sprinkle chopped parsley over the dish.
Serve the shrimp and rice skillet with lemon wedges on the side.