Lightly season the chicken pieces with a small amount of the Cajun seasoning. Reserve the rest for later.
Select the “Sauté” function on the Instant Pot and heat the olive oil. Add the chicken to the pot and cook until browned on both sides. Remove the chicken from the pot and set aside.
Add the onion to the pot and sauté for a few minutes until softened. Add the garlic and sauté for another minute.
Stir in the diced red and green bell peppers and cook for a few more minutes. Turn off saute mode. Add the rest of the Cajun seasoning.
Pour in the chicken broth and diced tomatoes, use a wooden spoon to deglaze the bottom of the pot, scraping up any browned bits.
Add the cooked chicken back into the pot.
Add the penne pasta on top of the chicken and vegetables, making sure the pasta is submerged in the liquid, but do not stir it.
Secure the lid on the Instant Pot and set the valve to the sealing position. Cook on high pressure for 5 minutes.
Once the cooking time is complete, perform a quick pressure release.
Stir in the heavy cream and let the pasta sit for a few minutes to thicken the sauce.
Season with salt and pepper to taste.
Garnish with chopped fresh parsley and grated Parmesan cheese.