Prepare the Potatoes: Wash and peel the potatoes (if desired). Cut them into even-sized cubes, about 1-inch pieces.
Heat the Pan: Heat the olive oil and butter in a large skillet over medium heat until the butter is melted and the oil is hot.
Cook the Potatoes: Add the diced potatoes to the pan and stir to coat them in the oil and butter. Let them cook for about 5 minutes, stirring occasionally.
Season the Potatoes: Add the onion powder, garlic powder, smoked paprika, cayenne, and a pinch of salt and black pepper. Stir well to evenly coat the potatoes with the seasonings.
Continue Cooking: Let the potatoes cook for an additional 15-20 minutes, stirring occasionally, until the potatoes are golden brown and crispy on the outside, and tender on the inside. If the potatoes are browning too quickly, reduce the heat slightly.
Serve: Taste and adjust seasoning if necessary. Garnish with fresh thyme (if using) and serve warm with your favorite breakfast dishes.