Preheat oven to 400 degrees. Clean and pat dry chicken thighs, removing as much moisture as possible.
Add a drizzle of olive oil and the seasoning blend, ensuring the seasoning gets under the skin. Marinate for at least 30 minutes.
In a cast iron skillet over medium high heat, add 1 tbsp of butter and 1 tsp of olive oil. Sear the chicken on both sides until a nice crust forms, approximately 7 minutes per side. Then turn off the heat.
In the same bowl used to season the chicken, combine 1 1/2 cups of water, 1 tsp of chicken bouillon, and flour, whisk until smooth. Pour this mixture over the chicken, then add the peppers and onions. Top each chicken thigh with a 1 tbsp of butter and sprigs of fresh thyme.
Cover with foil and bake in the oven for 55 minutes. Afterward, baste the chicken with the gravy, then return it to the oven uncovered and bake for an additional 10 minutes. Chicken is fully cooked when it reaches an internal temperature of 165°F.
Remove from the oven and allow it to cool. Serve this flavorful smothered chicken over a bed of rice or creamy mashed potatoes. Enjoy!