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Press the "sauté" setting on your Instant Pot and let it heat up for 2 minutes. Add oil and let it heat for another minute. Meanwhile, cut the chicken into 1 1/2 - 2" chunks and season with salt and pepper.
Add onions, shallot, and carrots. Sauté for 3 to 4 minutes, stirring occasionally. Add minced garlic and sauté for another minute. Add chicken and sauté for 2 minutes. When the chicken starts to turn white, add bay leaf, thyme sprigs, and spices. Cook until chicken is almost cooked. Press "cancel/off" button.
Add rice and stir well. Add liquids and stir. Close lid, set valve to "sealing" position. Press "manual" or "pressure cook" button and make sure it is set to "high pressure." Set timer to 4 minutes.
When the timer is done, let pressure release naturally for 10 minutes. Switch the valve to "venting" position to release the remaining pressure and steam.
Open the lid carefully and give everything a nice stir. Add fresh lemon juice and taste for additional salt and pepper. The soup will need both. Serve with chopped parsley.