Set the Instant Pot to Sauté mode. Heat the olive oil, then add the ground beef. Cook until browned, breaking it up with a spoon. Drain excess grease if needed.
1 tablespoon olive oil, 1 pound ground beef
Add the diced onion and garlic powder. Sauté for 1–2 minutes until softened. Stir in the tomato paste, chili powder, cumin, paprika, salt, and black pepper. Mix well to coat the beef evenly with the spices.
1 small onion, ½ teaspoon garlic powder, 1 tablespoon tomato paste, 1 tablespoon chili powder, 1 teaspoon ground cumin, ½ teaspoon paprika, 1 teaspoon salt, ½ teaspoon black pepper
Pour in the diced tomatoes, kidney beans, and water or broth. Stir until fully combined.
14.5 ounces can diced tomatoes, 15 ounces can kidney beans, ½ cup water or beef broth
Secure the lid and set the valve to Sealing. Cook on High Pressure for 12 minutes.
Once done, allow a natural release for 10 minutes, then perform a quick release for any remaining pressure.
Carefully open the lid and stir the chili. If you prefer a thicker texture, turn on Sauté mode and simmer for a few minutes until the desired consistency is reached.