In a medium heavy skillet with 2-inch sides, warm the oil over medium heat. Add the onion and bell pepper. Cook for 6 minutes until softened, stirring often. Stir in the garlic, saffron, paprika, and salt and pepper to taste. Add broth and rice.
Bring to a boil; reduce the heat to low; cover and simmer for 12 minutes until the rice is almost tender.
Nestle the shrimp and peas in the rice, and add 1/4 cup (or more) of the broth to moisten. Cover and cook until the shrimp are just opaque in the center, about 5 minutes. Season to taste with salt and pepper. Serve.