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Season chicken all over with salt and pepper. Rub garlic and thyme on chicken, and set aside while preparing the rest of the ingredients.
Heat a large skillet over medium-high. Add oil and 1 tablespoon of the butter, letting butter melt. Add chicken and sear, undisturbed, until browned on both sides, about 4 to 6 minutes per side. Transfer chicken to a plate.
Over medium heat, add remaining 2 tablespoons butter to the skillet. Cook, swirling occasionally, until the foam subsides and it smells nutty and toasty, 2 to 3 minutes. (Watch carefully to see that it doesn’t burn.) Add corn and a big pinch of salt and black pepper. Sauté until tender and golden brown, 2 minutes.
Add chicken back to the skillet. Cover and cook until chicken is cooked through and corn is caramelized, about 5 to 10 minutes. Remove from heat and taste corn, adding more salt and pepper if needed. Stir in basil and squeeze 2 lime wedges over the top. Serve garnished with sliced scallions and more lime wedges.