In a large pot over medium heat, add the olive oil and heat up.
Add the chorizo slices and cook until they are slightly crispy and release their oils, about 3-4 minutes. The oil will change color to a light red, as the spices flavor it, making all the difference to the end result.
Add the chopped yellow onion and garlic to the pan, cooking until the onion becomes translucent, about 3-4 minutes, stirring occasionally.
Add the rice, coating it well with the oils and flavors in the pan. This step is important, as the oil ensures the grains don't stick to each other while cooking.
Pour in the chicken broth, smoked paprika, salt, and black pepper, and mix well.
Boil the stock and reduce the heat to low. Immediately cover and simmer for about 18 minutes, or until the rice is tender and the liquid absorbed. While cooking rice, do not mix or lift the lid, but allow the steam to stay in.
Finally, stir in the peas and parsley, and let sit covered for an additional 5 minutes off the heat.
Taste for seasoning and adjust salt and pepper if needed.
Serve warm and enjoy!