Plug in Instant Pot and press saute button.
Once pot has heated, place ground meat in pot and season slightly with salt and pepper.
Saute and stir ground meat for 3-5 minutes, breaking up in small pieces.
Carefully drain off excess water/grease.
Return pot back inside Instant Pot housing.
Pour oil in with meat, then add onions, a cook for 3 minutes.
Add garlic and both types of peppers, stir and cook for an additional 3-5 minutes.
Add more salt and pepper and spices, stir and cook for 1-2 minutes.
Add tomatoes, broth or water, tomato paste, and beans.
Place lid on instant pot and make sure it's sealed properly.
Make sure vent nob is in the sealed position.
Press beans/chili button and adjust to 20-25 minutes (I did 24).
Let Instant Pot run complete cycle and naturally release pressure.
Serve with your favorite toppings!