Melt the butter and olive oil in a medium stockpot over medium heat.
Add the chopped onion and sauté until it's translucent, about 3 minutes.
Add the rice to the pot, stirring frequently.
Cook for 6 minutes, allowing the rice to toast slightly.
Pour in the chicken broth and soy sauce.
Stir in the garlic powder, paprika, and red pepper flakes.
Bring the mixture to a boil, then reduce the heat to low.
Cover the pot and let it simmer for about 20 minutes or until the rice is tender and the liquid is absorbed.
Once cooked, fluff the rice with a fork.
You can serve this dish with your favorite protein or on its own for a delicious meal.