Sort through the rice to remove all the pebbles and gritty things. Rinse and rub rice thoroughly until the water runs clear. Drain and set it aside.
Start the Instant Pot in ‘SAUTE’ mode. Once it displays hot, add oil to the insert. Now add onion and garlic to it.
Sauté for about 3-4 minutes until the onions are translucent.
Add tomatoes and cook until soft. Instead of chopped tomatoes, you can add tomato puree too.
Stir in the black beans, corn, and spices.
Pour vegetable stock/water into the insert.
Add rinsed rice and stir to combine.
Finally, add red bell peppers and gently stir them. Seal the lid of the Instant Pot with the vent in the sealing position. Cancel the saute mode. Select the ‘PRESSURE COOK OR MANUAL’ mode. Cook on high pressure for 6 minutes.
Once the Instant Pot beeps, wait for 10 minutes, then do the QPR (quick pressure release). As the safety pin drops down, open the lid. Allow the steam to escape. Then gently fluff the rice with a fork.
Serve hot with sour cream, salsa, or guacamole.