Dice the onion, pepper, garlic, celery and carrot and add to the Instant Pot bowl along with the olive oil. Press the ‘saute’ button and cook for 10 minutes, stirring occasionally.
Add the chili powder, cumin, paprika, oregano, salt and pepper and stir. Cook for two more minutes on saute mode.
Add the tomatoes, beans and bay leaf to the pot and stir. PLace the lid on the Instant Pot and set the steamer valve to the seal position. Press the ‘manual’ button and set the timer for 15 minutes on high pressure.
When the cooking cycle is complete, let the pressure naturally release by allowing the pot to just sit and slowly release the steam. This should take about 15-20 minutes.
Open the lid and serve while warm!