Using a sharp knife, carefully fillet each chicken breast into two thinner cutlets. Cover the chicken with plastic wrap and lightly pound the thicker parts of each breast with a rolling pin or meat pounder to give the chicken an even thickness. Season the chicken breasts with ½ teaspoon salt and ½ teaspoon black pepper.
Arrange 3 plates or shallow dishes for the breading stations. In the first dish add the flour and ½ teaspoon each of salt, black pepper, onion powder and garlic powder. Mix together with a fork and set aside.
In the 2nd dish add the egg and 1 teaspoon of water. Lightly beat the egg and set the dish to the side.
In the 3rd dish add the panko breadcrumbs, parmesan cheese, ½ teaspoon salt, Cajun seasoning or Italian seasoning and paprika. Mix together and set aside.
Using your hands or tongs, begin to coat each chicken breast by first tossing them in the flour mixture on both sides and shake off any excess flour. Then coat the chicken breasts with the egg mixture on both sides, letting any excess egg run off. Then transfer the chicken to the panko breadcrumbs mixture. Pat the breadcrumbs into the chicken breasts and coat them evenly on both sides.
Heat a large skillet over medium heat and add the olive oil and the butter. Once the skillet is hot, add the chicken breasts and pan fry for approximately 3-4 minutes on each side. If your skillet is getting too hot, turn your heat down to medium-low. You want the chicken breasts to cook all the way through without burning too quickly. Take your time, don't rush it.
Once the chicken is golden brown on both sides and have an internal temperature of at least 165°F, remove them from the skillet. Allow the chicken to rest on a wire rack to keep them crispy. Enjoy!