In a large pot, melt butter over medium heat.
Add the chicken pieces and cook until browned on all sides.
Add chopped onions to the pot, cooking until they are translucent.
Pour in the water or chicken broth, then add potatoes, carrots, salt, and pepper.
Bring the mixture to a boil, then reduce the heat to low and cover.
Let the fricot simmer for about 1 hour, or until the chicken is cooked through and the vegetables are tender.
Serve hot with fresh bread or rolls.