Heat olive oil in a large skillet or pot over medium-high heat.
Season the chicken thighs with salt, black pepper, cumin, and garlic powder on both sides.
Add the chicken thighs to the skillet and cook for 4-5 minutes per side until browned. Remove chicken from the skillet and set aside.
In the same skillet, add the diced onion and cook for 3-4 minutes until softened.
Add minced garlic and cook for 30 seconds until fragrant.
Add the rinsed rice to the skillet and stir to coat with the oil and onion mixture.
Pour in the chicken broth, then stir in chili powder and smoked paprika.
Return the browned chicken thighs to the skillet, placing them on top of the rice.
Bring the mixture to a boil, then reduce heat to low and cover the skillet with a lid.
Simmer for 18-20 minutes, or until the rice is tender and the chicken is cooked through (internal temperature 165°F).
Remove the skillet from heat and let it sit, covered, for 5 minutes.
Stir in chopped cilantro and lime juice into the rice and chicken mixture.
Serve warm, garnished with additional cilantro or lime wedges if desired.