Turn on your Instant Pot and select the 'Saute' function.
When the Instant Pot feels warm, add olive oil, ground beef and onions, red and green pepper and saute until beef is browned and veggies are softened.
Once beef and onions are browned, press the 'Cancel' button to reset the cooking function. Drain any excess grease.
Add red chili beans, black beans, roasted red peppers, garlic, oregano, cumin, chili powder, taco seasoning, garlic powder and water or chicken broth to your Instant Pot and stir.
Secure the lid and select the Pressure Cook function and cook for 8 minutes on high.
Once cooking is complete, allow to naturally release for 5 minutes and then quick release any remaining pressure.
Unlock the lid, stir and add any addition seasoning to taste.
If you prefer your chili to be more think as opposed to soupy, select the 'Saute' function and allow it to simmer on medium to thicken.
Top with cheese, sour cream, green onions and enjoy!