Prepare rice according to package, adding the lemongrass to the water.
While rice is cooking, combine cilantro, chili, fish sauce, orange juice, honey and 2 tablespoons of olive oil. Reserve. In blender, puree 1 cup papaya and reserve. Slice remaining papaya thinly to use for garnish.
Heat remaining olive oil in a non-stick skillet. Season scallops with salt and pepper. Sear in hot oil until golden brown, flip and finish cooking, about 1-2 minutes.
Combine reserved dressing with hot rice. Place sliced papaya on plate and top with molded rice. Place 3 scallops on the side and garnish with papaya sauce and basil leaves.