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Add the water and au jus seasoning mix to the liner of the Instant Pot. Stir to combine.
Add the bell peppers and onion to the Instant Pot followed by the thinly sliced beef.
Lock the lid, set the knob to sealing. Cook on Manual HIGH for 3 minutes. Allow for a 5 minute NPR then quick release the remaining pressure.
Discard the liquid in the Instant Pot.
Turn the Instant Pot on to Sauté. Add the ranch dressing mix, Italian dressing mix and chili powder to the Instant Pot. Stir to coat the meat, peppers and onions in the seasonings. Continue to 'brown' the meat if desired, but it isn't necessary.
Enjoy wrapped in a warm tortilla with cheese, sour cream, guacamole, cilantro.. really anything you'd like!