Preheat the air fryer to 400°F (200°C) for 5 minutes.
In a small bowl, combine garlic powder, smoked paprika, dried thyme, salt, and black pepper.
Pat the chicken thighs dry with paper towels. Rub 1 tablespoon olive oil over the chicken thighs, then evenly coat them with the spice mixture.
In a separate bowl, toss the carrots, red bell pepper, red onion, and baby potatoes with 1 tablespoon olive oil, 1/2 teaspoon salt, and 1/4 teaspoon black pepper.
Place the chicken thighs skin-side down in the air fryer basket. Arrange the vegetables around the chicken in a single layer.
Cook at 400°F (200°C) for 12 minutes.
After 12 minutes, flip the chicken thighs skin-side up and stir the vegetables gently to ensure even cooking.
Continue cooking for another 13 minutes or until the chicken reaches an internal temperature of 165°F (74°C) and the vegetables are tender and slightly caramelized.
Remove the chicken and vegetables from the air fryer and let the chicken rest for 5 minutes before serving.