Season chicken breasts with garlic powder, onion powder, smoked paprika, salt, and black pepper.
Heat olive oil in a large skillet over medium heat. Cook chicken breasts for 5-6 minutes per side until golden brown and cooked through. Remove from the skillet and set aside.
In the same skillet, combine rice, chicken broth, and salt. Bring to a boil, then reduce heat, cover, and simmer for 18-20 minutes until rice is tender and liquid is absorbed.
In a separate saucepan, melt butter over medium heat. Stir in flour and whisk constantly for 1-2 minutes to form a smooth roux.
Gradually whisk in milk and chicken broth, ensuring there are no lumps. Add garlic powder and thyme. Simmer for 5-7 minutes until thickened.
Stir in shredded cheddar cheese and Parmesan cheese until melted and smooth.
To serve, plate the rice, top with chicken breasts, and generously drizzle with the creamy cheese sauce.
Garnish with chopped fresh parsley and enjoy!