Prepare Ingredients: Soak saffron threads in hot water. Dice the onion, slice the peppers, and mince the garlic.
Cook Chorizo & Chicken: Heat olive oil in a paella pan over medium heat. Cook the chorizo until crispy, then remove. Add chicken and brown on all sides, then set aside.
Sauté Aromatics: In the same pan, cook onion, garlic, and bell peppers until soft.
Add Rice & Spices: Stir in paella rice and smoked paprika, coating well in the oil.
Simmer Paella: Pour in saffron water and chicken broth. Return chicken and chorizo to the pan. Bring to a boil, then reduce heat and let simmer uncovered for 15 minutes. Do not stir.
Achieve Socarrat: Increase heat for the last 2 minutes to create a crispy base.
Serve & Enjoy: Remove from heat, cover with a clean towel, and let rest for 5 minutes. Garnish with fresh parsley and serve hot.