Set the Instant Pot to Sauté mode. When your Instant Pot is hot, add the oil. Then, add the garlic, diced onion, and diced bell pepper. Let these veggies sauté for 2-3 minutes, stirring often to keep the garlic from burning.
Add the uncooked rice and stir to coat the rice in oil, mixing it well with the onion, garlic, and pepper. Let the rice simmer for about 2-3 minutes, or until it’s lightly toasted.
Add the vegetable broth, tomatoes, and spices to the Instant Pot. Stir everything well to combine the ingredients. Then, turn off the Sauté function by pressing the Keep Warm/Cancel button. Secure and lock the lid onto your Instant Pot and ensure that the pressure knob is set to the Sealing position. Click on the Manual button and set the Instant Pot to cook, on High Pressure, for 8 minutes.
Once 8 minutes is up and your Instant Pot starts to beep, it will start its natural release process. Let it naturally release for 5 minutes. After 5 minutes, carefully move the pressure knob from sealing to venting for a quick release. Steam will spit out of the valve, so be careful. Once the steam has fully released, it’s safe to remove the Instant Pot lid.
Fluff the rice with a fork. Stir in the cooked black beans, cover, and let the rice sit for a few minutes.
Serve, and garnish with chopped fresh parsley, avocado, and lime wedges.