In your Instant Pot bowl, add all ingredients except lime juice and cilantro leaves. Stir to combine.
Cook rice for 3 minutes on high pressure (it will take about 10 minutes for the Instant Pot to come to pressure). When the timer goes off, allow the pressure to naturally release for 10 minutes before releasing any remaining pressure.
Remove lid. Add lime juice and cilantro and gently stir rice.
Notes
If you prefer a spicier rice, add 1-2 diced jalapeños with the core and seeds removed. (Leave seeds in for even more spice.)
The Instant Pot is a bit finicky with tomato-based recipes and can sometimes result in burning. Because of this, I do NOT recommend sautéing the onion first. If you want to sauté the onion, use a separate pan to sauté the onion first, then add it into the ingredients in the Instant Pot bowl.
If you use brown rice, use the “rice” setting to ensure it’s fully cooked.