Press the sauté button and let the Instant Pot heat for 3-5 minutes. Then add the oil and brown the beef, about 5-6 minutes, stirring every now and then.
Stir in the onion and let it soften for about 3 minutes. Add the garlic and cook for 1 minute. Next, stir in diced tomatoes, tomato sauce, the broth, spices and seasonings, and the canned beans.
Cancel the sauté function! Lock the lid, turn the valve to sealing, and set to cook on High Pressure for 15 minutes (or press the stew button and adjust the time manually to 15 minutes).
When the cooking time comes to an end, let the pressure release naturally for 10 minutes and then do a quick release.
Squeeze a lime over the top of the chili and stir. Serve with your favorite toppings, such as jalapeno slices, chopped green onions, sour cream, shredded cheddar cheese, avocado slices, etc.