Heat a Dutch oven with 1 tablespoon of the 2 tablespoons olive oil over medium-high heat.
Season the chicken with salt and pepper. Add as much 6 bone-in skin-on chicken thighs as will fit in the pan without crowding – cook until the chicken it is golden brown on the bottom, 3-4 minutes. Turn the chicken over and cook until the other side is browned, 3-4 minutes longer; the chicken will still be pink inside.
Transfer the chicken to a large plate. Repeat until all of the chicken is browned.
Pour off all but 1 tbsp of oil, and melt the 1 tablespoon butter in the skillet over medium heat.
Add the 1 onion and ½ red bell pepperand ½ green bell pepper and cook until the vegetables start to become tender, 3-4 minutes.
Add the 2 cloves garlic finely minced, 1 teaspoon cumin, and 1 teaspoon oregano, then cook while stirring for about 1 minute.
Add the 1¾ cups rice and stir well to allow the oil to coat each grain, then add the ½ cup wine (if using) and allow to deglaze.
Add the 2 bay leaves, 3 cups chicken stock, ½ teaspoons smoked paprika and pinch saffron threads. Bring to a boil.
Add chicken to top of rice and juices. Reduce heat, cover, and simmer until chicken is cooked, rice is tender and most of the liquid has been absorbed (25-30mins)
Sprinkle the 1 cup peas and 1 cup roasted red peppers sliced over the top.