Begin by cleaning the seafood thoroughly. Scrub the mussels and clams under cold water, discarding any with broken shells. Remove the shells of shrimp, leaving tails intact, and devein them. Pat the fish fillets dry and cut them into chunks. Keep everything refrigerated until needed.
Heat the olive oil in a large, heavy bottomed pot over medium heat. Add the chopped onion and garlic, sautéing them until translucent and fragrant, about 3–4 minutes. Stir occasionally to avoid browning.
Add the diced red bell pepper and tomato to the pot. Cook for another 5 minutes, stirring occasionally, until the vegetables soften and the tomato releases its juices.
Pour in the white wine, scraping the bottom of the pot to deglaze and release any flavourful bits. Allow the mixture to simmer for 3 minutes to reduce the wine slightly and concentrate the flavours.
Add the fish or seafood stock, diced potato, smoked paprika, cumin, and chili flakes (if using). Stir well and bring the mixture to a gentle boil. Reduce the heat to low and let it simmer for about 10 minutes, or until the potatoes are tender.
Gently add the mussels, clams, and squid to the pot. Cover and cook for 5–7 minutes, or until the mussels and clams open. Discard any that remain closed.
Add the shrimp and fish chunks, stirring gently to avoid breaking the fish. Simmer for an additional 5 minutes, or until the shrimp turn pink and the fish is cooked through. Taste and adjust seasoning with salt and black pepper as needed.
Remove the pot from heat and stir in the chopped cilantro. Ladle the Paila Marina into large bowls, ensuring an even distribution of seafood and broth. Garnish with fresh cilantro and serve with lemon wedges on the side.