Place chorizo slices in a large heavy-bottomed pot or Dutch oven and render over low heat. Cook slowly until the fat releases and the edges start to crisp slightly, about 5–7 minutes. Remove chorizo with a slotted spoon and set aside, leaving the oil in the pot.
Add the diced onion to the chorizo oil along with the smoked paprika, sweet paprika, and dried oregano. Cook over medium heat, stirring occasionally, until the onion is soft and the spices are fragrant, about 5 minutes.
Add the garlic and cook for another minute.
Crumble in the bouillon cube, stir to combine, then add the massa de pimentão and tomato paste. Stir well and let cook for 2 minutes to deepen the flavors.
Add the bay leaves and pour in the white wine. Let cook uncovered, stirring occasionally, until the wine reduces by half, about 5–7 minutes.
Add the fava beans and 2 cups of water. Stir to combine, bring to a gentle boil, then reduce heat to low. Add the reserved chorizo back in.
Simmer uncovered, adding small amounts of water as needed to maintain a thick, saucy consistency. Cook until favas are tender — about 20–25 minutes for fresh favas, up to 60 minutes for frozen depending on size. Taste and adjust.
Finish with a squeeze of lemon juice. Taste for seasoning and adjust salt and pepper.
Serve hot with plenty of crusty bread for sopping up the sauce.