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Preheat your oven to 450 degrees Fahrenheit (232 °C).
Pat the chicken thighs dry with paper towels to remove any excess moisture. Place chicken thighs in a large mixing bowl and season with salt, pepper, garlic powder, onion powder, and paprika. Make sure the chicken is evenly coated with the spices and set aside.
Melt the butter in a small saucepan over medium-high heat. Add the honey, sriracha, garlic, salt, and red pepper flakes and stir to combine. Reduce the heat to medium-low and cook the sauce for about 2-3 minutes, stirring frequently. Remove the sauce from the heat and set aside.
Heat the olive oil in a medium-sized oven-proof skillet over medium-high heat. I used a 10.25 inch Lodge Cast-Iron Skillet. Add the chicken thighs to the skillet, skin side down, and cook for 7-10 minutes until the skin is browned and crispy. Flip the chicken and cook for 7-10 on the other side.
Pour the hot honey butter sauce over the chicken thighs and transfer the skillet to the preheated oven. Cook the chicken in the oven for 10-12 minutes until cooked through.
Using a spoon, carefully drizzle sauce from the skillet over top of the chicken, then turn on the oven broiler and broil the chicken for an additional 2-3 minutes until the exterior is browned and caramelized. Garnish with fresh chopped parsley if desired and enjoy!