Heat the olive oil in a large Dutch oven over medium-high heat. Season the chicken thighs with salt and pepper, then add them to the pot, skin-side down. Sear for about 5-7 minutes until the skin is golden brown. Flip the chicken and cook for an additional 5 minutes. Remove the chicken from the pot and set aside.
In the same pot, add the diced onion and sauté for about 3-4 minutes until translucent. Add the minced garlic and cook for another minute until fragrant.
Stir in the rice, ensuring it is coated with the oil and mixed well with the onions and garlic. Cook for 1-2 minutes.
Pour in the chicken broth, then add the peas, thyme, paprika, and bay leaf. Stir to combine.
Return the chicken thighs to the pot, placing them on top of the rice mixture. Bring to a simmer, then cover the pot with a lid and reduce the heat to low. Cook for 25-30 minutes, or until the rice is tender and the chicken is cooked through.
Remove the pot from heat and let it sit, covered, for an additional 5-10 minutes. Discard the bay leaf before serving.