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Set pressure cooker to sauté, add the bacon. Sauté bacon until the fat has rendered, about 3 minutes.
Add onions, jalapeño, garlic, and spices and sauce with bacon until the onions are translucent. Preheat the broth and water (I use a microwave) to speed up the cooking time. Add beans to the pot. Press cancel, add lid, seal pressure lever, and set machine on high pressure for 25 minutes for presoaked beans and 45 minutes for dried, non-soaked beans.
Allow pressure cooker to naturally release for 10 minutes, then initiate a quick release. To thicken the beans, cook on sauté with lid off until desired thickness, stirring occasionally.
Add lime juice and cilantro before serving. Top with favorite garnishes and serve.