Turn the Instant Pot to saute, add the 1 tablespoon extra virgin olive oil and 1 tablespoon unsalted butter to the inner pot, and let heat until the butter has melted.
While the inner pot is heating, dice 1 pound boneless, skinless chicken breasts or thighs into 1-inch cubes, trimming off any fat. Season evenly with ½ teaspoon kosher salt and ½ teaspoon black pepper.
Add the seasoned chicken, 1 medium onion (minced) and 2 large carrots (diced) to the inner pot and saute, stirring occasionally, until the onion is softened and the chicken is just lightly browned.
Add in the 3 cloves garlic (minced) and 1 teaspoon dried thyme leaves and saute for 30 seconds, just to toast the garlic and thyme.
To the inner pot, ½ cup dry white wine (or ½ cup of additional chicken broth) and scrape up any browned bits off the bottom of the inner pot. Let the wine cook off for 1-2 minutes and then hit cancel on the Instant Pot to turn off the saute function.
Add 2 cups low-sodium chicken broth/stock, 1 teaspoon kosher salt, and ½ teaspoon black pepper and stir to incorporate.
Place 2 cups long-grain white rice into a fine mesh strainer and rinse well. Add the rinsed rice to the inner pot and gently push it down to fully submerge it into the liquid.
Place the lid on the instant pot, be sure the vent knob is pointed towards sealed, and set to cook on HIGH PRESSURE for 3 minutes. (Hit manual or pressure cook and then use the +/- buttons to adjust the time to read 3.)
Once the cooking time has elapsed let the pressure release naturally for at least 10 minutes.
Open the lid, and add the 1 cup frozen peas, ⅓ cup freshly grated Parmesan cheese, and 1 cup grated sharp cheddar cheese if using. Fluff the rice with a fork, as you gently stir in the peas and cheese. Cover the instant pot and let sit for 2-3 minutes, or until the peas have warmed through and the cheese has melted.
Garnish with fresh parsley and additional parmesan cheese if desired, and serve.
Video
Notes
Storage: Allow the chicken and rice to cool slightly and then transfer it to an airtight container. Store in the refrigerator for up to 3 days or in a freezer-safe container in the freezer for up to 3 months. Reheating Instructions: If needed, allow the chicken and rice to defrost overnight in the refrigerator. Transfer the mixture to a heat-safe container and cover it with a damp paper towel. Heat in the microwave in 1-minute intervals until warmed through, fluffing with a fork after each minute. If you find the rice to be dried out, add 1-2 tablespoons of chicken broth before reheating.Dairy-Free Modification: Replace the butter with an additional tablespoon of olive oil and omit the addition of parmesan cheese.Cheese: For a really cheesy dish, add up to 1 cup of shredded sharp cheddar cheese along with the parmesan and peas.