Set your Instant Pot to sauté mode and add a little oil. Once the pot is hot, add the ground beef and cook until browned, breaking it up with a spoon as it cooks.

Add the diced onion, minced garlic, and diced bell pepper to the pot. Cook for a few minutes until the vegetables are softened.

Stir in the diced tomatoes, tomato paste, beef broth, chili powder, cumin, smoked paprika, dried oregano, salt, and pepper.

Close the lid of the Instant Pot and set it to manual or pressure cook mode on high pressure for 10 minutes.

Once the cooking time is up, allow for a natural pressure release for 10 minutes, then carefully perform a quick pressure release to release any remaining pressure.

Open the lid and give the chili a good stir. Taste and adjust seasoning if necessary.

Serve the chili hot, topped with your favorite toppings like shredded cheese, sour cream, diced avocado, chopped cilantro, or sliced jalapeños.