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Set Instant Pot to 'saute' setting. Once pot is hot, add olive oil. Add steak and season with salt and pepper on both sides. Let brown for several minutes on all sides. Press the 'cancel' button once steak is browned.
Add beef broth/water to Instant Pot and scrape the bottom of the pot with a spoon to get the browned bits unstuck from the bottom of pot. Add fajita seasoning to pot and stir well.
Cover and place into lock position, and make sure the valve is in the 'sealing' position. Press the 'manual' button and cook for 10 minutes. **Remember that it will take the IP about 10-15 minutes to come to pressure and then will count down from 10 minutes**
When the timer goes off, do a quick release by turning the valve to the venting position and letting steam release until the pin drops. I like to place a folded kitchen towel over the valve so that it catches the steam.
Add sliced peppers and onions to Instant Pot and replace lid and cover. Let steam in pot for about 5 minutes to become tender. There is no need to set timer, just let steam with lid closed until tender. **See note below**
Remove lid, add lime juice and stir. Serve on top of rice or tortilla shells.