Turn Instant Pot to saute by hitting the saute function, add in oil, and let heat briefly.
Once heated, add in the minced onions and diced peppers and saute for 2-3 minutes until they are just beginning to soften up. Add in garlic and saute for 30 seconds longer. Turn off the saute function by hitting cancel.
Add in ½ cup of water and be sure to scrape up any browned bits off the bottom of the inner pot.
Add in the remaining water and broth. Add the rinsed dried beans to the liquid and top with the rinsed rice. If needed, gently push the rice down with a spoon to just submerge the rice. DO NOT STIR! Place the lid on Instant Pot and be sure the venting knob is closed.
Cook on High Pressure for 25 minutes. Hit the manual or pressure cook button and use the +/- buttons to adjust until the screen read 25.
Once cook time has elapsed, let the pressure release naturally.
After the pressure has fully released, open the lid. Add in the taco seasoning and salsa, and use a fork to fluff the rice and stir in the salsa and seasonings. Place the lid back on the pressure cooker to let the ingredients warm through for just a few minutes.
Serve with desired toppings.
Rice: When using dried beans, you MUST use brown rice (not instant rice or white rice) for this recipe to work. Dried Beans: Small red beans or pinto beans work best in this rice and beans. Other beans may have various cook times. Modifications for using White Rice: Place 2 cups of rinsed long-grain white rice in the pressure cooker with 2 cups of water or broth and ½ tablespoon of taco seasoning. Set the cooking time to 3 minutes on high pressure. Once the cooking time has elapsed, allow pressure to release naturally. Then open the instant pot and stir in 2-4 cups of cooked beans and 1 cup of salsa. Let warm through and then serve as desired. Using Canned Beans: If you want to make this recipe using canned beans, combine 2 cups of rinsed rice with 2 cups of broth or water with ½ tablespoon taco seasoning in the inner pot. Cook on high pressure for 22 minutes for long-grain brown rice, and 3 minutes for long-grain white rice. Once the rice has been cooked and pressure has been released naturally, open the instant pot and stir 1 cup of salsa, and 2-4 cups of canned beans that have been drained and rinsed. Using Soaked Beans: Place your dried beans in a large bowl and cover with cold water. Soak the dried beans for 12 hours, or overnight. When ready to prepare this recipe, drain and rinse the soaked beans. Proceed with the recipe as directed, reducing the liquid from 5 cups to 3 cups. The cooking time will remain the same.Storage: Rice and beans will keep in your fridge for 4-5 days and can be frozen in a freezer-safe container for up to 3 months. To reheat, add a splash of water or stock and heat in the microwave for 1-2 minutes per serving, or use the pot in pot method and reheat on high pressure for 2 minutes. Be sure to check out my cooking modifications for higher elevation if needed.