Set your Instant Pot to sauté mode and add the ground beef. Cook until browned, breaking it up into smaller pieces with a spoon.
Add the diced onion, minced garlic, and diced bell pepper to the Instant Pot. Sauté for a few minutes until the vegetables are softened.
Stir in the diced tomatoes, kidney beans, black beans, tomato paste, beef broth, chili powder, cumin, paprika, oregano, salt, and pepper.
Close the Instant Pot lid and set the valve to sealing. Cook on high pressure for 10 minutes.
Once the cooking time is complete, allow for a natural pressure release for 10 minutes, then carefully do a quick pressure release to release any remaining pressure.
Serve the chili hot with your favorite toppings such as shredded cheese, sour cream, and chopped green onions.
If you have any leftovers, let the chili cool down and then transfer it into individual portions. Freeze the portions for future meals. When ready to eat, simply thaw and reheat in the Instant Pot.