Add the olive oil to a large deep skillet or wide saucepan and place it over medium-high heat.
Season the chicken pieces with the salt, black pepper, and smoked paprika, tossing to coat them evenly.
Add the seasoned chicken to the hot skillet in an even layer and cook for 4–5 minutes, stirring occasionally, until the outside is lightly browned. The chicken does not need to be fully cooked through at this stage.
Reduce the heat to medium and stir in the rinsed long-grain white rice, letting it toast gently with the chicken for about 1 minute.
Pour in the low-sodium chicken broth, then add the BBQ sauce, honey, garlic powder, onion powder, and red pepper flakes if using. Stir well so the rice and chicken are evenly coated in the honey BBQ mixture.
Bring the mixture to a gentle simmer, then reduce the heat to low. Cover the skillet with a tight-fitting lid.
Cook on low heat for 18–20 minutes without lifting the lid, until the rice is tender and most of the liquid has been absorbed.
Turn off the heat and remove the lid. Fluff the rice gently with a fork, mixing the chicken through the rice so the sauce is evenly distributed.
Sprinkle the shredded cheddar cheese evenly over the top of the hot honey BBQ chicken and rice. Cover the skillet again and let it sit off the heat for 3–5 minutes, until the cheese has melted.
Uncover, sprinkle with the chopped fresh parsley if using, and serve the one-pan honey BBQ chicken and rice hot.