Stir in the smoked paprika, saffron threads, and rice. Toast the rice for 1-2 minutes, stirring continuously to coat the grains.
Pour the warm vegetable broth into the pan and season with salt. Gently stir once to distribute the ingredients evenly, then bring the mixture to a steady simmer.
Reduce the heat to medium-low. Sprinkle the green peas evenly over the top of the paella. Do not stir the rice from this point forward. Let it cook undisturbed for 20 minutes, or until the liquid is fully absorbed and the rice is tender.
Turn off the heat and cover the pan lightly with a clean kitchen towel. Let the paella rest for 5 minutes before serving to allow the flavors to meld and the texture to perfect.