Heat the olive oil in a large skillet over medium heat.
Add the diced onion and red bell pepper to the skillet and sauté for 4 to 5 minutes until softened.
Stir in the minced garlic and cook for 1 minute until fragrant.
Add the rinsed rice to the skillet and stir to coat the rice with the oil and vegetables.
Pour in the chicken broth and add the smoked paprika, dried oregano, cayenne pepper, salt, and black pepper. Stir to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover the skillet with a lid and simmer for 15 minutes, or until the rice is tender and most of the liquid is absorbed.
Remove the lid and evenly distribute the shrimp over the rice. Cover again and cook for 5 to 6 minutes until the shrimp are pink and cooked through.
Stir in the thawed peas and cook uncovered for an additional 2 minutes to heat through.
Remove the skillet from heat and sprinkle the chopped fresh parsley over the top.
Serve the shrimp and rice skillet with lemon wedges on the side for squeezing over before eating.