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