Set the Instant Pot to sauté mode and brown the ground meat.
Drain excess fat if needed.
Add diced onion and bell pepper; sauté until softened.
Stir in minced garlic and cook for an additional minute.
Add chili powder, cumin, salt, and pepper; mix well.
Pour in diced tomatoes and beef broth, stirring to combine.
Add kidney and black beans.
Close the lid and set to manual high pressure for 20 minutes.
Once done, allow natural release for 10 minutes, then quick release.
Serve hot, garnished with your favorite toppings.