Melt together oil and butter in a medium pot over medium heat. Pour orzo into a pot, and cook while stirring until it begins to toast, about two minutes. Clear a spot in the center of the pot, add minced garlic, and then stir for 30 seconds before incorporating into orzo.

Stir chicken broth into orzo, increase heat to high, and bring to a boil. Reduce to a low simmer and cook until orzo reaches desired tenderness and most of the liquid has been absorbed, for about 8 to 10 minutes.

Remove pot from heat and stir in Parmesan cheese, fresh thyme, lemon juice, lemon zest, salt, and pepper. Taste and adjust seasonings, as desired. Serve warm.