Turn the Instant Pot on to saute mode. When hot, add the ground beef. Cook and crumble until browned. Add the onion, garlic, Italian seasoning, onion powder, salt and pepper. Stir and saute until softened, about 3 minutes. Turn off saute mode.

Pour in the chicken broth and deglaze the bottom of the pan to remove the browned bits.

Layer on the bell peppers, chopped tomatoes, and tomato paste. Pour the rice evenly on top of it all and make sure all the rice is submerged, but do not stir.

Secure the lid and set the vent to sealing (if necessary for your model).

Set to cook on high pressure for 5 minutes. When the time is up, allow the pressure to release naturally for about 5 minutes, then carefully remove the lid.

Stir and serve.