Heat olive oil in a large pot over medium heat.
Add the diced onion and cook for 3-4 minutes until softened.
Add the minced garlic, diced carrot, and diced red bell pepper. Cook for 5 minutes, stirring occasionally.
Stir in the diced tomatoes, smoked paprika, ground cumin, dried thyme, black pepper, and salt. Cook for 2 minutes to combine the flavors.
Add the rinsed rice and vegetable broth to the pot. Stir well to combine.
Bring the mixture to a boil, then reduce heat to low and cover the pot with a lid.
Simmer for 25 minutes, or until the rice is tender and has absorbed most of the liquid.
Stir in the frozen peas and cook for an additional 5 minutes with the lid on.
Remove the pot from heat and stir in the chopped fresh parsley.
Serve the stew hot, garnished with additional parsley if desired.