In a large skillet, heat olive oil over medium-high heat. Season the chicken breasts with salt, pepper, garlic powder, and onion powder. Add the chicken to the skillet and cook for about 5-7 minutes on each side until browned and cooked through. Remove the chicken from the skillet and set aside.
In the same skillet, add the rice and toast it for 1-2 minutes, stirring frequently. Pour in the chicken broth and bring to a boil. Reduce heat to low, cover, and simmer for 15 minutes.
After 15 minutes, stir in the heavy cream, frozen mixed vegetables, thyme, and paprika. Place the cooked chicken breasts on top of the rice mixture. Cover and cook for an additional 10 minutes, or until the rice is tender and the liquid is absorbed.
Remove the skillet from heat and sprinkle the shredded cheddar cheese over the chicken and rice. Cover for a few minutes until the cheese is melted.
Serve hot, garnished with fresh herbs if desired.