Turn instant pot to SAUTE. Once hot, add the 1 ½ pounds ground beef and onion and cook until no longer pink.
Hit CANCEL and add the remaining ingredients. Stir to combine, scraping any browned bits from the bottom of the pot.
Hit MANUAL to cook at high pressure for 20 minutes. It will take about 10 minutes for the pressure to build then the countdown timer will begin.
Turn the knob to vent and quick release the pressure before removing the lid.
Serve over rice, topped with sour cream, cheese and sliced jalapenos, if desired.
Video
Notes
To Store: Store in an airtight container in the fridge for up to 5 days. To Reheat: Gently reheat on the stove over medium-low heat until hot. You can also microwave the leftovers. To Freeze: I like to portion the leftover chili into freezer bags in individual serving sizes and place them on a cookie sheet to freeze. Once frozen, I stack them in the freezer making for an easy individual lunch! You can freeze for up to 3 months.