In 2-quart saucepan over high heat, heat chicken broth to simmering; keep warm.
Meanwhile, in 3-quart saucepan over medium heat, in hot olive oil, cook onion until tender-crisp, stirring occasionally. Add rice and cook for 2 minutes until coated with oil. Gradually add chicken broth, 1/2 cup at a time, until absorbed, stirring frequently. Continue adding the remaining broth, 1/2 cup at a time, stirring occasionally, cooking the rice until al dente, about 25 minutes.
Stir in corn, peas Parmesan cheese and butter to heat through. Add salt and pepper to taste. Serve immediately.