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Place the ground beef in the pressure cooker over medium high heat; cook until brown and crumbly, 8 to 10 minutes. Remove the ground beef, and drain off the excess fat.
Return the open pressure cooker to the burner over medium heat, pour in the olive oil, and stir in the onion, green pepper, and jalapeno pepper. Cook and stir for 3 to 4 minutes, until the onion is translucent. Add the garlic, and cook and stir for about 30 more seconds. Return the meat to the pressure cooker; mix in the kidney beans, diced tomatoes, tomato paste, brown sugar, cocoa powder, red pepper flakes, chili powder, cumin, salt, and water.
Lock the lid, bring the cooker up to pressure, reduce heat to maintain pressure, and cook for 8 minutes. Remove cooker from the heat, and let the pressure reduce on its own, 5 to 10 minutes.
When the pressure is fully released, remove the lid, stir the chili, and serve.