Rinse the rice multiple times until the water runs mostly clear. Drain well and set aside.
Turn the Instant Pot to Sauté. When hot, add olive oil.
Add garlic and jalapeños and sauté for 30–60 seconds until fragrant.
Add Onions
Add the chopped onions. Sauté for 3–5 minutes until they start to soften and turn translucent.
Add veggies, beans, and seasoning
Stir in bell peppers, corn, black beans, rinsed rice, salsa, salt to taste, taco seasoning, and olives (if using). Mix everything well so the spices and salsa coat the rice evenly.
Pour in 2 cups water and give it one gentle stir, making sure all the rice is submerged.
Close the lid and set the valve to Sealing.
Press the Rice button, or manually cook on High Pressure for 5 minutes.
When the cooking time is done, carefully move the valve to Venting to release pressure.
Open the lid, fluff the rice gently with a fork, and stir in the chopped cilantro.
Open the lid and get ready for that amazing aroma to hit you.
Fluff the rice gently with a fork, then stir in the fresh cilantro and squeeze of lime juice.
If using cheese, add it now while the rice is still hot, so it melts beautifully. Taste and adjust salt if needed.