Heat olive oil in a large skillet over medium-high heat. Season chicken thighs with salt and black pepper. Sear chicken skin-side down for 5-7 minutes until golden brown, then flip and cook for an additional 5 minutes. Remove chicken and set aside.
In the same skillet, add diced onion and cook for 3-4 minutes until softened. Add minced garlic and cook for 1 minute until fragrant. Stir in rice and toast for 1 minute.
Pour in chicken broth and heavy cream. Add paprika, thyme, and cayenne pepper. Bring to a gentle simmer.
Return chicken thighs to the skillet on top of the rice mixture. Cover and reduce heat to low. Cook for 25-30 minutes until rice is tender and chicken is cooked through. Stir in frozen peas in the last 5 minutes.
Remove from heat and let sit for 5 minutes before serving. Garnish with parsley.