Add all of the ingredients into the Instant Pot and stir to mix together.
Place the Instant Pot lid on, lock into place, and turn vent to sealing.
Press the manual button (high pressure) and set to cook for 12 minutes.
Allow the Instant Pot to naturally release for 10 minutes. If you are in a rush you can quick release the pressure gauge as well. (Please be careful that you stay clear of the steam or use a towel to cover the release valve or you may get burned.)
Spoon chili into bowls and squeeze some fresh lime juice over the top of each bowl. Totally optional, but delicious! Serve warm.