Preheat your oven to 375°F.
Pat the chicken thighs dry with paper towels. Season both sides with salt, pepper, paprika, and thyme.
Heat the olive oil in a large Dutch oven over medium-high heat. Sear the chicken thighs skin-side down for 4–5 minutes until golden brown. Flip and sear the other side for 2–3 minutes. Transfer the chicken to a plate and set aside.
In the same Dutch oven, add the chopped onion and bell pepper. Sauté for 3–4 minutes until softened, scraping up any browned bits from the bottom of the pot.
Stir in the basmati rice and cook for 1 minute, letting the rice get slightly toasted.
Pour in the chicken broth and stir in the frozen peas. Stir everything together and bring the mixture to a gentle simmer.
Nestle the chicken thighs on top of the rice, skin-side up. Cover with the lid and transfer the Dutch oven to the preheated oven.
Bake for 35–40 minutes, or until the rice is tender and the chicken reaches an internal temperature of 165°F.
Remove the Dutch oven from the oven. Let it rest for 5 minutes before serving. Garnish with fresh parsley if desired.