If using frozen shrimp, make sure they're completely thawed. Pat the shrimp dry with paper towels and season them generously with salt and pepper.
Heat the olive oil in a large, heavy-bottomed pot or Dutch oven over medium-high heat. Add the chopped onion and bell pepper and cook, stirring occasionally, until softened, about 5-7 minutes.
Add the minced garlic, sofrito, aji amarillo paste, and tomato paste to the pot. Cook, stirring constantly, for about 1 minute, until fragrant.
Add the rinsed rice to the pot and stir well to coat it with the spice mixture. Cook for about 2 minutes, stirring frequently, until the rice is lightly toasted.
Pour in the chicken broth and bring the mixture to a boil. Then, reduce the heat to low, cover the pot, and simmer for 15 minutes, or until the rice is almost cooked through.
Stir in the seasoned shrimp and frozen peas. Cover the pot again and continue to simmer for another 5-7 minutes, or until the shrimp are pink and cooked through and the rice is tender.
Remove the pot from the heat and let it stand, covered, for 5 minutes. Then, fluff the rice with a fork.
Stir in the chopped cilantro and serve immediately with lime wedges.