Pat the chicken thighs dry with paper towels. Combine garlic powder, onion powder, paprika, kosher salt, and black pepper in a bowl and rub onto both sides of the thighs.

Heat olive oil in a skillet over medium heat. Add chicken thighs skin-side down and cook for 7–8 minutes until golden brown. Flip and cook for another 10–12 minutes until internal temperature is 165°F.

Transfer chicken to a plate and tent with foil. In the same skillet, melt butter and sauté shallots and garlic for 1 minute. Deglaze with chicken broth and lemon juice.

Lower heat, add thyme and red pepper flakes. Pour in heavy cream and simmer for 5–6 minutes until thick. Return chicken to skillet, spoon sauce over it.

Garnish with parsley and serve hot.