Set your Instant Pot to the sauté function. Add a little oil, and when hot, throw in the diced onion and bell pepper. Sauté for 3-4 minutes until softened.

Add the ground turkey, breaking it apart with a wooden spoon. Cook until it’s no longer pink, about 5-7 minutes.

Stir in the minced garlic, chili powder, cumin, paprika, salt, black pepper, and cayenne pepper (if using). Cook for another minute to toast the spices.

Pour in the diced tomatoes and broth, followed by the rinsed beans. Stir well to combine all ingredients.

Close the Instant Pot lid and set the valve to sealing. Select the 'Manual' or 'Pressure Cook' option and set the timer for 15 minutes.

After cooking, allow the pressure to release naturally for 10 minutes, then perform a quick release. Stir the chili, and it’s ready to serve!

Serve hot, topped with fresh cilantro, avocado, or your favorite toppings.