Season the chicken pieces with salt, pepper, garlic powder, and onion powder.
In a large skillet, heat olive oil over medium-high heat. Add the seasoned chicken and cook until browned and cooked through, about 6-8 minutes. Remove the chicken from the skillet and set aside.
In the same skillet, reduce the heat to medium and add the butter. Once melted, add the minced garlic, smoked paprika, and dried thyme. Sauté for about 1 minute until fragrant.
Pour in the heavy cream and chicken broth, stirring to combine. Bring the mixture to a gentle simmer.
Add the cooked chicken back into the skillet along with the frozen peas. Stir well and let it simmer for another 5 minutes until the sauce thickens slightly.
Stir in the grated Parmesan cheese until melted and smooth.
Serve hot, garnished with chopped fresh parsley.