Rinse the rice under cold water until the water runs clear.
Set the Instant Pot to 'Sauté' mode and heat the olive oil.
Add the diced onion and garlic; sauté for about 2-3 minutes until softened.
Stir in the cumin and chili powder; cook for another minute to toast the spices.
Add the rinsed rice, tomatoes, chicken broth, and salt; stir well.
Close the Instant Pot lid and set the valve to 'Sealing'; cook on high pressure for 4 minutes.
Once cooking is complete, allow the pot to naturally release pressure for 10 minutes before manually releasing any remaining pressure.
Fluff the rice with a fork and mix in the peas and carrots until well combined.
Garnish with fresh cilantro if desired, and serve warm.