Add vegetable broth in a medium saucepan over medium-high heat. Break up the saffron and add it to the broth. When it begins to simmer, give it 1 minute, and then lower the heat just to keep it warm.

Heat 2 tablespoons of oil in a paella pan over medium heat. Once heated, add the onions and peppers. Sauté until softened and lightly browned, about 3-5 minutes.

Add the garlic and sauté for 1 minute.

Now add the tomatoes, smoked paprika, and sweet paprika. Sauté for 1-2 minutes.

Add the rice and remaining 1 tablespoon of oil to the pan. Stir to coat well. Cook for 1 minute to lightly toast the rice.

Add the fresh thyme and slowly pour in broth. Add salt and pepper. Do not stir after this point.

Turn the heat to medium-high and bring the broth to a heavy simmer for 1-2 minutes.

Turn the heat down to a mild simmer. Simmer for 15-20 minutes until rice is al dente.

Once the broth is nearly cooked off, pay close attention to the socarrat forming on the bottom of the pan (1-2 minutes).

Remove the pan from the heat. Add the peas on top of the rice. Cover the pan with foil and let the paella rest for 5-8 minutes. Serve with fresh-cut parsley and lemon wedges.