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Heat 1 Tbsp oil in a deep 12-inch heavy skillet (preferably straight-sided) over medium-high heat until it shimmers. Cook chorizo, stirring, until golden, about 3 minutes. Transfer to a plate with a slotted spoon.
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Add remaining Tbsp oil, garlic, onion, and bell pepper to skillet with pimentón, 1/2 tsp salt, and 1/4 tsp pepper and sauté until golden, about 5 minutes.
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Stir in rice, broth, and saffron and bring to a rolling boil, uncovered. Reduce heat and simmer, covered and undisturbed, until most of liquid is absorbed, about 8 minutes. Stir in cockles and shrimp and cook, covered, until cockles open wide and shrimp are cooked through, 3 to 6 minutes. (Discard any cockles that remain unopened after 6 minutes.)
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Remove from heat and stir in peas and chorizo. Cover with a kitchen towel and let stand until all of liquid is absorbed, about 5 minutes.
