Heat oil in a large deep frying pan (with lid off) on the hob over a high heat. Once oil is hot, and the onions and cook and stir for 4 minutes. Add the chorizo and peppers and cook and stir until the chorizo is browned, about 5 minutes.
Reduce heat to medium. Add garlic, paprika, tomatoes, peas and parsley. Cook for 5 minutes. Add rice, stock and bay leaves and give a good stir.
Replace lid and reduce heat to low, so that the mixture is simmering. Leave for 12 minutes, stirring halfway through. Turn heat off and, keeping lid on, leave for 15 minutes before serving.