Prepare Riblets: Pat the beef chuck riblets dry with paper towels and season with salt, pepper, paprika, and cayenne (if using).
Sear Riblets: Heat olive oil in a large skillet over medium-high heat. Sear the riblets for 3-4 minutes on each side until browned. Remove and set aside.
Sauté Aromatics: In the same skillet, add chopped onion and cook for 3 minutes until softened. Add garlic and cook for another minute.
Make the Sauce: Pour in beef broth, soy sauce, balsamic vinegar, and honey. Stir and bring to a simmer for 3-5 minutes to reduce slightly.
Braise Riblets: Return riblets to the skillet, spoon some sauce over them, and cover. Reduce heat to low and simmer for 1 hour, flipping halfway through.
Serve: Once riblets are tender, remove from the skillet. Serve hot with sauce spooned over the top.