Step 1

Pat beef dry with paper towels; season with 1/2 teaspoon salt and 1/4 teaspoon black pepper.

Step 2

Press Sauté; heat 2 tablespoons oil in Instant Pot®. Add beef in two batches; cook about 5 minutes or until browned. Remove to plate.

Step 3

Heat remaining 1 tablespoon oil in pot. Add onion; cook and stir 3 minutes or until softened. Add bell peppers; cook and stir 2 minutes. Add tomato paste, garlic, chili powder, paprika, cumin, oregano, remaining 1 1/2 teaspoons salt and 1/2 teaspoon black pepper; cook and stir 1 minute. Stir in water, scraping up browned bits from bottom of pot. Return beef to pot with tomatoes; mix well.

Step 4

Secure lid and move pressure release valve to Sealing position. Press Manual or Pressure Cook; cook at high pressure 30 minutes.

Step 5

When cooking is complete, use natural release for 10 minutes, then release remaining pressure. Serve with rice or tortillas, if desired.