Turn the Instant Pot to the Saute function. Heat the extra virgin olive oil inside the instant pot.
Add the diced onion and bell pepper to the pot and saute for 2 minutes. Next add the minced garlic and saute for an additional 30 seconds.
Add the ground turkey to the instant pot with the vegetables. Crumble and cook until no longer pink. This will take approximately 7 minutes.
Next add the chili powder, cumin, oregano, smoked paprika, salt and pepper to the instant pot. Stir the spices with the cooked ground turkey and vegetables.
Now stir in the tomato paste with 2 tablespoons of water. You can go ahead and turn the saute function off at this point.
Add in the kidney beans, pinto beans, fire-roasted tomatoes, and Rotel tomatoes.
Now pour the chicken broth into the instant pot and stir everything together.
Close the lid on the instant pot and make sure the steam release knob, if you have one, is turned to sealing not venting.
Pressure cook for 15 minutes on high pressure. Allow steam to naturally release for 10 minutes then quick release the remaining pressure.
Remove the lid, stir and enjoy with your favorite toppings.