Sear the Chicken: In a large skillet or dutch oven, heat olive oil over medium heat. Season the chicken thighs with salt, pepper, paprika, and cayenne pepper. Once the oil is hot, add the chicken, skin-side down. Cook for about 5-7 minutes until the skin is golden brown. Flip and cook for an additional 5 minutes. Remove the chicken and set aside.
Sauté Vegetables: In the same skillet, add the diced onion, bell pepper, and garlic. Sauté for about 3-4 minutes until the vegetables are softened and fragrant.
Add Rice and Liquid: Stir in the rice and cook for another 1-2 minutes to lightly toast it. Then add the chicken broth, heavy cream, and dried thyme. Bring the mixture to a gentle simmer.
Return Chicken to Skillet: Place the seared chicken thighs back into the skillet, skin-side up. Make sure they are mostly submerged in the liquid. Bring to a slight boil, then lower the heat to a simmer. Cover the skillet and cook for 30-35 minutes, or until the rice is cooked and the chicken reaches an internal temperature of 165°F (75°C).
Finish and Serve: Once cooked, check if additional seasoning is needed. Remove the skillet from heat and let it sit for a few minutes before serving. Garnish with sliced green onions and freshly chopped parsley.