Set Instant Pot to Sauté. Add oil and heat 1 minute. Add onion and bell pepper; sauté 2–3 minutes until softened. Add garlic; cook 30 seconds.
Add rinsed rice. Toast for 2–3 minutes, stirring constantly, until grains turn lightly golden and smell nutty.
Hit Cancel. Add ¼ cup broth and scrape all browned bits from the bottom of the pot with a wooden spoon (prevents burn notice).
Add remaining broth, cumin, chili powder, oregano, salt, and pepper. Stir to combine. Press rice down so it is fully submerged.
Pour diced tomatoes on top. Do NOT stir.
Seal the lid. Set valve to Sealing. Pressure Cook on High for 4 minutes.
When done, allow 10-minute natural pressure release. Then switch valve to Venting to release remaining pressure.
Open lid. Fluff with a fork. Stir tomatoes through the rice. Season to taste. Garnish with cilantro and lime. Serve immediately.