Season the chicken thighs liberally with salt and pepper.
Place a large dutch oven (or heavy pan) over medium-high heat and add the olive oil. When the oil is hot, sear the chicken on all sides until brown (in batches if necessary), about 7-8 minutes total. Transfer to a plate and set aside.
Return the dutch oven to medium-high heat and add the chorizo. Sear for about 2-3 minutes, until the chorizo is brown and releasing its fat to the pan. Add the onion and bell peppers and saute until softened and translucent (about 5 minutes). Stir frequently to avoid burning.
Next, add the garlic, thyme, paprika, cumin, and bay leaves. When aromatic (about a minute), add the dry wine and stir to remove anything stuck to the bottom of the pan.
When the wine has reduced by half, add the chicken stock, tomatoes, and tomato paste to the pan. Stir to combine and then return the chicken to the pan.
Bring to a boil and then reduce to a simmer. Cover the dutch oven and leave to cook for 50 minutes and until the chicken is cooked through.
If the sauce is still thin after this time, remove the chicken and increase the heat to medium-high so that the sauce can further reduce.
Add in the sliced olives, along with the chicken and chorizo (if you removed it). Make sure everything is heated through and serve with rice, potatoes, bread, or salad.