Add vegetable broth in a medium saucepan over medium-high heat. Break up the saffron and add it to the broth. When it begins to simmer, give it 1 minute, and then lower the heat just to keep it warm.

Heat 2 tablespoons of oil in a 12-inch Paella Pan over medium heat. Add the onions and peppers. Sauté until softened and lightly browned, about 3-5 minutes.

Add the garlic and sauté for 1 minute.

Now add the tomatoes, smoked paprika, and sweet paprika. Sauté for 1-2 minutes.

Add the rice and remaining 1 tablespoon of oil to the pan. Stir to coat well. Cook for 1 minute to lightly toast the rice.

Add the fresh thyme and slowly pour in broth. Add salt and pepper. Do not stir after this point.

Turn the heat down to a mild simmer. Simmer for 15-20 minutes until rice is al dente.

Pay attention to the socarrat forming on the bottom of the pan.

Remove the pan from the heat. Add the peas on top of the rice. Cover and let the paella rest for 5-8 minutes.

Top with fresh-cut parsley, cracked pepper and serve with lemon wedges.