Heat the olive oil in a large pan over medium heat. Add the chopped onion and red bell pepper, cooking until softened, about 5 minutes.
Add the minced garlic and sliced chorizo, cooking for another 2-3 minutes until the chorizo starts to brown.
Stir in the paella rice, making sure it gets coated in the oil and flavorings. Add the saffron and its soaking liquid.
Pour in the chicken stock and bring to a boil. Lower the heat and let simmer, uncovered, for about 15 minutes.
Arrange the shrimp over the top of the rice, pressing them into the rice. Cover the pan and continue to cook for an additional 10 minutes, until the shrimp are cooked and the rice is tender.
Season with salt and black pepper to taste. Serve hot with lemon wedges on the side.