Heat olive oil: In a large, wide pan or paella pan, heat 2 tablespoons of olive oil over medium heat. Once hot, add 1 small chopped onion and 1 diced red bell pepper. Sauté until the vegetables are softened, about 5 minutes.
Add garlic: Stir in 4 minced cloves of garlic and cook for about 1-2 minutes until fragrant. This step layers the flavors and builds a flavorful base.
Incorporate rice: Add 2 cups of short-grain rice (like Bomba or Arborio) along with 1 teaspoon of smoked paprika, 1/2 teaspoon of sweet paprika, and the saffron that has been soaking in warm water. Toast the rice for 2-3 minutes, stirring frequently to ensure even coating with the oil and spices.
Pour in stock and wine: Carefully pour in 4 cups of seafood or chicken stock and, if using, 1/2 cup of dry white wine. Bring the mixture to a boil, then reduce the heat to low and let it simmer uncovered for about 15 minutes. Avoid stirring the rice, as it can cause it to become mushy.
Nestle in the seafood: After 15 minutes, arrange 1/2 lb of peeled and deveined shrimp, 1/2 lb of scrubbed mussels, 1/2 lb of sliced calamari, and 1/2 lb of firm white fish chunks on top of the rice. Cover the pan with a lid or foil and cook for an additional 10-12 minutes, or until the seafood is cooked through and the rice has absorbed all the liquid.
Garnish and serve: Once the seafood is cooked and the rice is tender, uncover the pan. Garnish with a 1/4 cup of chopped fresh parsley and, if desired, the optional 1/4 cup of green peas for a splash of color. Serve with lemon wedges for squeezing over the top.
Take your time during each step and remember, the secret to a great paella is patience and allowing the flavors to meld together. Look for visual cues like the rice turning tender and the shrimp becoming pink and curled to indicate your seafood is ready.