Season the chicken on both sides with salt, pepper, garlic powder, onion powder, and dried basil.
Heat the olive oil in a large skillet over high heat until shimmering.
Sear the chicken 1–2 minutes per side until browned but not cooked through, then transfer to a plate.
Reduce heat to medium and add the butter to the skillet, stirring with a wooden spoon to scrape up any browned bits.
Add the rice and sauté 2–3 minutes until lightly toasted.
Stir in the chicken broth, lemon juice, and 3 tablespoons of the chopped fresh basil, then bring the mixture to a boil.
Once boiling, nestle the seared chicken on top of the rice, cover the skillet, reduce heat to low, and simmer about 20 minutes until the liquid is absorbed and the rice is tender.
Garnish with the remaining tablespoon of chopped basil and serve immediately.