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Rinse the rice until the water runs clear. Drain well.
Turn Instant Pot to saute. Once hot, add oil to the bottom of the pot.
Add rice and saute, stirring often, until lightly golden, about 5 minutes.
Add garlic, onion, tomato sauce, salt, tomato bullion and carrots and stir to combine.
Add water and stir well, making sure the bullion cubes are dissolved.
Turn instant pot off. Secure lid and turn valve to sealed position.
Turn on to Manual or High Pressure, and cook for 3-4 minutes (3 minutes for tender to the bite, or 4 minutes for softer rice).
When timer beeps, allow pressure to naturally release for 10 minutes.
Remove lid and add peas. Gently fluff the rice with a fork (don't stir it).
Place IP lid over the bowl and allow rice to rest for a few more minutes before serving.