Season the shrimp with salt, pepper, and adobo seasoning; set aside.
Heat the olive oil in a large, deep pot over medium-high heat. Cook the green bell pepper, red bell pepper, tomato, and onion in the hot oil until the onion is soft. Mix in the garlic and tomato paste. Stir in the rice until coated. Pour in the water. Drop in the bay leaf. Bring the mixture to a boil; reduce heat to medium-low and simmer about 20 minutes. Add the seasoned shrimp and the peas. Cook until the shrimp is pink, about 5 minutes; remove from heat immediately.
