Prepare your ingredients by mincing the garlic and dicing the onion and red bell pepper.

Sauté in your pressure cooker by setting it to sauté mode. Heat the olive oil and add the onions and garlic until they become translucent, about 3 minutes.

Stir in the rice, saffron threads, and smoked paprika. Cook for 1-2 minutes.

Pour in the chicken broth while scraping the bottom of the pot to incorporate any flavorful bits.

Add the shrimp and diced red bell pepper. Close the lid securely and cook on high pressure for 5 minutes.

Release the pressure quickly after cooking. Gently fluff the paella with a fork and serve topped with fresh peas and lemon wedges.