Prep your ingredients: Season chicken pieces with salt and pepper. Chop and prepare all veggies and spices.
Brown the meats: Heat olive oil in a large skillet or Dutch oven over medium-high heat. Cook chicken pieces until golden brown (5-6 mins) and remove. Add chorizo slices and cook for 2-3 mins until crispy.
Create the flavor base: Lower heat, add onion and cook until soft (3-4 mins). Add garlic, cook for another 30 seconds. Stir in bell peppers and cook until softened (4-5 mins).
Add the spices: Stir in paprika, cumin, and cayenne pepper. Cook for 1 minute. Add saffron if using.
Cook the rice: Add rice and stir to coat. Add chicken broth, diced tomatoes, and bay leaf. Bring to a boil.
Combine and simmer: Return chicken to the pan, stir, and reduce heat. Cover and simmer for 20 minutes.
Final touches: Stir in peas, cook for another 2-3 mins. Remove from heat and let rest for 5 mins.
Serve: Fluff rice, garnish with cilantro, and serve with lemon wedges.