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Add everything except the salt and lime to an Instant Pot.
Seal the lid, making sure the Venting Knob is set to Sealing. Press “Pressure Cook” and set the timer to 40 minutes. Once the timer beeps, let the pressure naturally release for 20 minutes. If there is any pressure remaining, move the Venting Knob to Quick Release before carefully open the lid.
Use a ladle to scoop most of the extra liquid off and into a bowl or container, or strain the beans over a bowl or container, reserving the cooking liquid.
If you strained the beans, add them back into the Instant Pot. Use an immersion blender to blend until smooth (or leave chunky if you prefer), slowly adding some of the cooking liquid back into the adjust the consistency. I probably added about half of the liquid back in. I added some of it while blending then I mixed more into the leftovers before storing in the fridge to keep them moist.
Season with salt, if needed (they may not need salt depending on the broth you used) and add a squeeze of fresh lime juice.
Serve right away or store in the fridge for up to 4 days. Leftover refried beans can be portioned and frozen in freezer safe bags or containers for up to 3 months.