Season chicken with salt, pepper, garlic powder, onion powder and dried basil.
Add olive oil to a large skillet (with a fitted lid) over HIGH heat.
Add the chicken and brown (sear) for only 1-2 minutes on each side, just until browned (chicken will not be cooked through.) Transfer chicken to a plate.
Add butter to the pan, reduce heat to medium. Stir the butter with a wooden spoon to scrape up any browned bits from the chicken.
Add the rice and sauté for 2-3 minutes until lightly browned.
Add chicken broth, lemon juice, and 3 tablespoons of the fresh basil to the pan and stir. Bring mixture to a boil.
Once boiling, place chicken on top, then cover, reduce heat to low, and simmer for about 20 minutes until all of the liquid is absorbed.
Garnish with remaining tablespoon of fresh basil. Serve immediately.