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In a large bowl add beef, chili powder, salt, minced onion, ground cumin, garlic powder, oregano and black pepper. Toss to combine.
Press the sauté button on the Instant Pot and add the cooking oil. When hot, add the seasoned meat and sear until browned on all sides.
Add the broth, cover with lid, seal the pressure valve and cook for 50 minutes at high pressure.
Open the pressure valve to quickly release the pressure. Carefully open the lid and transfer the beef to a large plate using a slotted spoon.
Shred beef with two forks and then return it to the Instant Pot. Add lime juice, chopped cilantro and stir. Serve and enjoy in tacos, burrito bowls and salads.