Heat oil in a large pot over medium-high heat.
Season the chicken thighs with salt and pepper.
Add the chicken thighs to the pot and brown on both sides, about 5-6 minutes each side.
Remove the chicken from the pot and set aside.
Add the diced onion and bell pepper to the pot; sauté for about 4 minutes until softened.
Stir in the minced garlic and smoked paprika, cooking for an additional minute.
Pour in the chicken broth and bring to a boil.
Stir in the rice and thyme, then return the browned chicken to the pot.
Reduce the heat to low, cover, and let simmer for 20-25 minutes until the rice is tender.
Once done, remove from heat and let sit for 5 minutes before fluffing the rice with a fork.