Step 1: Prepare the chicken. Pat chicken thighs dry and cut into 1-inch pieces. Season generously with salt and black pepper.
Step 2: Brown the chicken. Heat olive oil in a large skillet or Dutch oven over medium-high heat. Add chicken pieces and cook until browned on all sides, about 5-7 minutes. Work in batches if necessary to avoid overcrowding. Remove chicken from the skillet and set aside.
Step 3: Sauté aromatics. Add chopped onion to the skillet and cook until softened, about 3-5 minutes, scraping up any browned bits from the bottom. Add minced garlic, sweet paprika, smoked paprika, and dried thyme. Cook for 1 minute until fragrant, stirring constantly.
Step 4: Deglaze and simmer sauce. Pour in chicken broth, stirring to deglaze the pan and incorporate all the flavorful fond. Bring to a gentle simmer, then reduce heat to low. Stir in heavy cream and sour cream until the sauce is smooth and combined.
Step 5: Combine and finish. Return the browned chicken to the skillet, ensuring each piece is coated in the creamy sauce. Let it simmer gently for 5-7 minutes, or until the chicken is cooked through and the sauce has slightly thickened. Taste and adjust seasoning with salt and pepper as needed.
Step 6: Cook the rice. While the chicken simmers, melt unsalted butter in a medium saucepan over medium heat. Add long-grain white rice and stir for 1 minute until lightly toasted. Pour in water and add a pinch of salt. Bring to a boil, then reduce heat to low, cover, and simmer for 15-18 minutes, or until all water is absorbed and rice is tender.
Step 7: Serve. Fluff the buttered rice with a fork. Serve the creamy paprika chicken generously over the buttered rice, garnished with crumbled crispy bacon and fresh chopped basil.