Add the olive oil to the bottom of the Instant Pot® bowl and add the onions. Press the saute and cook until the onions are soft and tender, about 5 minutes, stirring occasionally.
Add the garlic and the chicken thighs to the pot and let sear for two minutes, flip the thighs and sear for another 2 minutes.
Add the remaining ingredients to the pot and close the Instant Pot® lid. Set the steamer valve to ‘seal’ and push the ‘Manual’ button. Set the timer for 12 minutes and the pressure to high.
Once the timer goes off, push the steamer valve open carefully to release the pressure inside the Instant Pot®. Serve the chicken while hot!