1. Set your Instant Pot to sauté mode and add olive oil.
2. Add diced onion and cook until translucent, about 3-4 minutes.
3. Add minced garlic and diced bell pepper, sauté for another 2 minutes.
4. Add vegetable broth, diced tomatoes, black beans, kidney beans, corn, chili powder, cumin, smoked paprika, salt, and black pepper. Stir well.
5. Close the lid, set the valve to sealing, and cook on high pressure for 10 minutes.
6. Once the cooking time is up, let the pressure release naturally for 10 minutes, then quick release any remaining pressure.
7. Open the lid, stir the chili, and adjust seasoning if needed. Serve hot.