Season the chicken pieces with garlic powder, onion powder, smoked paprika, salt, and pepper on both sides.
Heat olive oil and butter together in a large deep skillet over medium-high heat.
Sear the chicken for 3 to 4 minutes per side until golden brown. Remove and set aside.
Lower heat to medium. Add the diced onion and cook for 2 minutes, then stir in garlic and cook for 30 seconds.
Pour in chicken broth and scrape up any browned bits from the bottom of the pan.
Stir in the heavy cream and milk, then add the uncooked rice and mix well.
Nestle the seared chicken back into the pan, pressing it slightly into the liquid.
Cover with a lid, reduce to low heat, and cook for 20 minutes without lifting the lid frequently.
Rest uncovered for 5 minutes, then garnish with fresh parsley and serve.
