Pat chicken thighs dry with paper towels. In a small ramekin, combine salt, pepper, smoked paprika, garlic powder, and onion powder. Season both sides of the chicken thoroughly with the spice blend.
Lightly dredge the skin side of the chicken in 1 tablespoon of the flour, shaking off any excess.
Heat olive oil and 1 tablespoon of butter in a large, heavy-bottomed skillet or Dutch oven over medium-high heat. Place chicken skin-side down and sear for 6-7 minutes until the skin is deep golden and crispy. Flip and sear the bottom for 3 minutes. Remove chicken to a plate and set aside.
Reduce heat to medium. Add the remaining 1 tablespoon of butter to the rendered fat in the pan. Sauté the diced onion for 4-5 minutes until translucent and soft.
Add the minced garlic and sauté for 1 minute until fragrant. Sprinkle the remaining 1 tablespoon of flour over the onions and stir for 1 minute to cook out the raw flour taste.
Add the rinsed rice to the pan and stir for 2 minutes to toast the grains and coat them in the fat/flour mixture.
Slowly pour in the chicken broth while scraping the bottom of the pan with a wooden spoon to deglaze and incorporate the fond into the sauce.
Bring the liquid to a light boil, then nestle the chicken thighs back into the pan on top of the rice, skin-side up. Reduce heat to low, cover with a tight-fitting lid, and simmer for 18-20 minutes until the rice is tender and the chicken's internal temperature reaches 165°F (74°C).
Remove the chicken thighs briefly. Stir the heavy cream into the rice mixture until a creamy, gravy-like consistency is achieved. Taste and adjust seasoning with salt and pepper.
Place the chicken back on top of the creamy rice. Garnish with chopped parsley and serve immediately.