Heat the olive oil in a large paella pan or wide shallow skillet over medium heat. Add the chopped onion and sauté until translucent, about 5 minutes.
Add the minced garlic and cook for another minute until fragrant.
Stir in the red, yellow, and green bell peppers and sauté until they start to soften, approximately 5 minutes.
Add the quartered artichoke hearts to the pan and cook for another 2 minutes.
Sprinkle the smoked paprika and saffron threads over the vegetables, stirring to coat them evenly.
Pour in the paella rice and stir to mix well with the vegetables, allowing the rice to toast slightly for about 2 minutes.
Gently pour in the vegetable broth and tomato sauce, and season with salt and pepper. Bring the mixture to a boil.
Reduce the heat to a simmer and let the paella cook uncovered for 25-30 minutes, or until the rice is tender and the liquid has been absorbed. Avoid stirring to allow a crust to form on the bottom, known as 'socarrat'.
In the last 10 minutes of cooking, sprinkle the green peas over the paella.
Once the rice is cooked and peas are warmed through, remove from heat.
Let the paella rest for a few minutes. Garnish with lemon wedges and freshly chopped parsley before serving.