Set your electric pressure cooker to sauté mode and add the olive oil. Once it's hot, add the chopped onion and sauté for about 2-3 minutes until it becomes translucent.
Add the minced garlic to the sautéed onions and cook for another 30 seconds until fragrant.
Stir in the rinsed rice and continue to sauté for 2-3 minutes. The rice should become lightly toasted.
Pour in the tomato sauce, chicken broth, ground cumin, chili powder, and salt. Stir everything well to combine.
Close the lid of the pressure cooker, set the valve to the sealing position, and cancel the sauté mode.
Cook the rice under manual high pressure for 4 minutes. Once the cooking cycle is complete, allow the pressure to release naturally for about 10 minutes. Then, carefully perform a quick release by turning the valve to venting. Remove the remaining pressure.
Open the lid and fluff the Spanish rice with a fork. Garnish it with fresh cilantro leaves for extra flavor and color if you like.
Serve your Instant Pot Spanish rice as a side dish to complement your favorite Mexican or Tex-Mex entrées.