Set your Instant Pot to the saute mode and add in the olive oil, onion, garlic and peppers. Cook, stirring occasionally, for about 5 minutes. (Add in a tablespoon or two of water if the vegetables start sticking to the bottom.)
Still on the saute mode, stir in the rest of the ingredients except the rice. Allow the ingredients to cook for a few more minutes, stirring frequently.
Add in the water and rice, stir once more, then seal the Instant Pot.
Manually set the pressure timer for 12 minutes.
Once the Instant Pot beeps at the end of the 12 minutes of cooking, release the pressure immediately.
Allow the rice to cool slightly before serving.