Prepare Saffron Risotto as directed. When complete and still warm, add cheese, peas and pancetta and combine well. Spread risotto on a parchment lined pan and place in the refrigerator to cool.
Once risotto is cooled, form into small balls, about 1” diameter and place back into the refrigerator for 10 minutes.
Place each of the flour, eggs and breadcrumbs into separate bowls.
Take each arancini ball and roll into the flour, removing excess. Then dip into egg, removing excess and finally roll in breadcrumbs.
If frying arancini; Heat about 1” of vegetable oil in a deep frying pan until it reaches 365° F. Place 4-5 arancini in the oil and fry until golden brown, flipping over once to coat. Remove with a slotted spoon and place onto paper towels while continuing to fry the remaining.
If baking arancini; Preheat oven to 400° F. Place arancini on baking sheets and bake until golden brown, about 20 minutes