1. Prepare the Broth:
– In a small saucepan, heat the chicken or seafood broth and add the saffron threads. Keep it warm over low heat.

2. Sauté Vegetables:
– In a large paella pan or wide, deep skillet, heat the olive oil over medium heat.
– Add the onions, garlic, and both bell peppers. Sauté for about 5-7 minutes until the vegetables are soft and fragrant.

3. Cook the Rice:
– Stir in the Arborio rice and smoked paprika. Toast the rice for 1-2 minutes, stirring occasionally, so the grains are well-coated with the oil and spices.
– Pour in the white wine and let it simmer for a few minutes until the wine is absorbed by the rice.

4. Add Broth and Simmer:
– Gradually add the warm broth with saffron to the pan, stirring gently. Bring the mixture to a simmer. Once it starts to simmer, reduce the heat to low and cover the pan with a lid or foil. Let the rice cook for about 15-20 minutes, or until most of the liquid has been absorbed.