Pat the lobster pieces dry with paper towels. Lightly season with salt and pepper.
Heat a large skillet over medium-high heat. Add 1 tablespoon olive oil and 1 tablespoon butter. Once the butter is melted and just beginning to foam, add the lobster pieces in a single layer.
Cook for about 1-2 minutes, then flip pieces and cook for another 1 minute, until the outside is opaque and lightly seared. The lobster does not need to be completely cooked through at this point. Transfer to a plate and loosely tent with foil.
Reduce heat to medium and melt 2 tablespoons of butter. Add the minced shallot and cook for 2-3 minutes, stirring occasionally, until softened. Add the garlic and red pepper flakes and cook for 30 seconds until fragrant.
Add the dry orzo and cook for 2-3 minutes, stirring frequently, until lightly toasted and fragrant.
Pour in the broth and scrape up any browned bits from the bottom of the skillet. Bring to a gentle simmer. Cook, uncovered, according to package instructions until nearly al dente and most of the broth has been absorbed. Stir frequently to prevent sticking to the pan.
Stir in the frozen peas and cook for 1-2 minutes, until heated through and the orzo is tender.
Reduce heat to low. Stir in the parmesan and heavy cream. Season with additional salt and pepper to taste.
Return the lobster pieces and all of its juices to the skillet. Gently fold into the orzo and cook for 1-2 minutes, just until the lobster is fully opaque and cooked through. Avoid overcooking.
Remove from the heat and stir in the remaining 1 tablespoon of butter, lemon juice, and lemon zest until the butter is melted.
Garnish with fresh parsley and additional parmesan. Serve with lemon wedges on the side.