Turn your Instant Pot to the saute function. Once the screen says HOT add the canola oil. Wait 1 minute, then add ground beef. Cook for 5-6 minutes, breaking up the meat with a spatula as it cooks.
Once the meat is completely browned, add water or broth and stir well to deglaze the pot, scraping all the bits from the bottom. Add all remaining ingredients, except for the spices. Stir well to incorporate all ingredients. Stir in the spices and seasonings.
Put the lid on the Instant Pot and turn the valve to sealed. Cancel the saute function and switch it to manual. Set the timer for 25 minutes. Once timer beeps, do a quick release. *Note - a natural release is fine, too, but will take longer.
Remove the lid and stir the chili. Taste and add more salt, if necessary. Let the chili sit for about 10 minutes to cool and thicken, then serve with desired toppings.
Notes
Make ahead and storage: If stored in an airtight container in the fridge, chili will last several days. This makes it an excellent make ahead recipe! Reheat on the stovetop or in the microwave.
Freezing: Chili should be stored in an airtight freezer safe container or plastic bag and will remain fresh up to 6 months. Thaw in the fridge and reheat on the stove or in the microwave.