Rinse the black eyed peas in a colander to remove any dirt or debris that may have fallen into the bag. Set them to the side.
Turn your Instant Pot to the saute function. Add olive oil and butter to the Instant Pot, then add the diced onion and bell pepper. Sauté for 3 minutes. Next add the minced garlic and saute for an additional 30 seconds. Then turn off the sauté function.
Add the seasoning (salt, garlic powder, onion powder, smoked paprika, and lemon pepper) to the Instant Pot. Mix the seasoning in with the vegetables.
Add the rinsed black eyed peas to the pot.
Now add the smoked turkey wings or smoked turkey leg to the Instant pot.
Next pour the chicken broth into the Instant pot. Gently stir everything together.
Seal the Instant Pot and pressure cook on high for 40 minutes. It will take the Instant Pot about 8-10 minutes to come to pressure before it starts pressure cooking.
After 40 minutes are finished, allow the Instant Pot to naturally release its pressure for 20 minutes. After 20 minutes, quick release any remaining pressure and carefully remove the lid.
Remove the turkey wings or turkey leg from the pot and pull the meat from the bone, then add the meat back to the pot.
Next, take a couple of spoonfuls of the cooked black eyed peas and mash them in a separate bowl. Return the mashed peas to the instant pot and stir. This will help thicken the black eyed peas slightly. Serve warm with your favorite cornbread recipe or over rice and enjoy!