Start the sauté: Turn your Instant Pot to saute and add the bacon.
Cook the bacon: Cook until crisp, stirring often to cook evenly.
Set bacon aside: Remove the bacon to a paper towel-lined plate.
Sauté the onions and peppers: Add the onions and peppers and cook until tender.
Add in meat: Add the meat and cook until browned.
Drain grease: Drain off any excess grease- tilt the pot and use a large spoon.
Add remaining ingredients: Add all of the remaining ingredients and ¾ of the bacon and stir to combine.
Pressure cook: Turn the Instant Pot to Chili and cook for 18-20 minutes. Allow pressure to release for 10-15 minutes.
Quick-release: After cooking time is up, turn the valve from sealing to releasing and allow the steam to do a quick release.
Top with: Serve with limes, sour cream, cheese, and a little bacon!