Heat the vegetable broth in a medium saucepan over medium heat. Crush the saffron and add to the broth. Simmer for 1 minute and lower the heat
Add 2 tbsp of oil into your paella pan, or a large pan or dutch oven, and turn to medium heat. Add onions, garlic, and peppers. Sauté 3–5 minutes until softened
Add tomatoes, smoked paprika, red pepper flakes, bay leaves and dried thyme and cook for 2 minutes
Add the key ingredient, paella Spanish rice, and remaining 1 tbsp of oil to the pan and stir until well coated. Cook for 1 minute to lightly toast the rice and prevent sticking
Pour the broth into your pan with the other ingredients and season with salt and pepper. Do not stir, or the dish will become thick and creamy. Turn heat to medium-high and bring the broth to a heavy simmer for 2 minutes
Turn the heat down to simmer on low and cook for 15–20 minutes. Rotate the pan once or twice for even heat distribution
Remove the pan from the heat and discard bay leaves. Add the peas over the paella. Cover the pan and let rest for 5–10 minutes. Top off with garnishes and serve warm
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