In a large Dutch oven or other heavy bottom pot, heat olive oil over medium heat until the oil is shimmering but not smoking. Add the chorizo and cook until it starts to brown, about 10 minutes. Remove the browned chorizo onto a plate, leaving the chorizo-infused oil in the pot.
Reduce heat to medium low and add the onions and a dash of salt to the oil. Cook the onions, stirring occasionally, until they are lightly browned, about 15 minutes.
Increase the heat to medium and add the bell peppers to the pot, stirring to combine with the onions. Cook until the bell peppers have softened slightly, about 5 minutes. Moving the onions and peppers towards the side of the pot, create a small well in the middle of the mixture and add the minced garlic. Cook the garlic for about 1 minute, stirring occasionally, until the garlic is slightly softened but not browned. Stir the garlic into the onions and peppers to combine well.
Add the smoked paprika to the pot, stirring it into the vegetable mixture until it has browned slightly, about 30 seconds. Add the potatoes and stir them into the vegetable mixture.
Add the chorizo back to the pot along with the bay leaves, choricero pepper and chicken stock. Increase the heat to medium high, stirring frequently to keep the potatoes from browning on the bottom of the pot, until the broth reaches a boil. Lower the heat to medium low and simmer, stirring occasionally, until the potatoes are cooked through, about 30 minutes.
Remove from heat and allow to sit for about 5 minutes. Sprinkle with parsley and season with salt and pepper to taste.
Serve with a nice salad, crusty bread and red Rioja wine for a meal, or serve as a side dish as part of a larger winter meal. We highly recommend using the bread to sop up the delicious broth!