Add the water, broth, and saffron to a saucepan, season generously with salt, and bring to a simmer over medium heat.

Meanwhile, heat a large pan over medium heat and add the olive oil.

While the oil is heating, cut the chorizo into 1/4-inch-thick rounds.

Add the sliced chorizo to the hot pan and mix continuously.

After 3 minutes, when the chorizo is lightly sautéed, remove it from the pan and set aside.

Using the same pan over the same heat, add the chopped onion, red bell pepper, and garlic.

Cook, stirring continuously.

After 5 minutes, when the vegetables are lightly sautéed, add the spices and mix quickly.

Then add the tomato sauce, season with salt & pepper, mix, and simmer.

Once the grated tomato sauce has slightly thickened, add the rice and mix continuously for 3 minutes.

Then add the sliced chorizo back into the pan with the simmering water and broth, mix one final time, and simmer on medium heat.

When there are 5 minutes left for the rice to be tender, add the frozen peas, spread them evenly, and gently press them down.

Lower the heat to low-medium and simmer until the rice is cooked through, then remove from the heat.

Cover the pan with aluminum foil and let it rest for 5 minutes, then uncover and gently fluff with a fork.

Serve directly from the pan or transfer to a serving dish, then top with chopped parsley and enjoy!