Heat 2 tablespoons oil in a large frying pan over medium-high heat, add the onion, chopped red pepper and garlic. Stir through the paprika and cayenne pepper and season with a little salt and black pepper. Cook for 5-6 minutes until the onions and peppers are softened. Then add another ½ tablespoon oil, add the bacon and cook until browned. Add the chopped tomato and cook for a couple of minutes. Drizzle in the remaining olive oil and add the rice to the frying pan. Stir to coat the rice in oil and allow to cook for 1-2 minutes.
Pour in the stock and saffron. Bring to the boil. Stir for a few minutes then reduce the heat, cover with a lid or tin foil. Cook for 15-20 minutes, or until rice has absorbed most of the liquid, but the mixture is still soupy and the rice is soft.
Add the mussels and prawns to the frying pan, cover and cook until the mussels have opened and prawns are pink. Discard any mussels that have not opened. Turn the heat off but keep covered for 5 minutes to let it rest.
Garnish with lemon wedges and serve.