Heat 2 tbsp olive oil in a large paella pan (or wide skillet) over medium heat. Add 1 cup onion, 1 cup bell pepper, and 2 cloves minced garlic. Sauté for 3–4 minutes until softened.
Stir in 2 cups rice, 1 tsp saffron, and 1 tsp smoked paprika. Cook for 1 minute, coating the rice in the oil and aromatics.
Pour in 4 cups warm broth and add ½ tsp salt. Stir once to evenly distribute ingredients, then do not stir again. Bring to a gentle simmer and cook uncovered for 15 minutes over medium heat.
Arrange 1 lb mixed seafood evenly over the rice. Cook for an additional 8–10 minutes until the seafood is cooked through and the rice is tender.
Remove from heat, cover with foil, and rest for 5 minutes. Serve with lemon wedges.