Before cooking, prep all the ingredients to streamline the process and maintain moisture during sautéing. This also helps reduce the risk of triggering the burn notice on the Instant Pot.
Set the Instant Pot to the sauté mode and pour in the olive oil. While the oil heats, season the chicken thighs generously with salt and pepper. Once the oil is shimmering, place the chicken thighs skin-side down into the pot. Brown them for a few minutes on each side until the skin is crisp and golden. Transfer the chicken to a plate and set aside.
Into the same pot, add the chopped onion, bell pepper, minced garlic, dried oregano, paprika, ground cumin, salt, black pepper, and tomato paste. Stir thoroughly to coat the vegetables in the spices and sauté for 2 minutes to enhance the flavors. Remove the mixture and place it on a plate.
Pour the white wine into the hot pot to deglaze, scraping up all the browned bits stuck to the bottom. Let it simmer for about a minute, or until most of the liquid has evaporated. Once done, turn off the sauté function.
Add the chicken broth and bay leaves to the pot and stir well to combine. Return the sautéed vegetables and spices to the broth mixture. Give everything a good stir, then evenly distribute the rinsed rice across the mixture without stirring again. Place the seared chicken thighs on top, skin-side up, ensuring they rest above the rice layer.
Seal the Instant Pot lid and set the valve to the sealing position. Select manual mode and cook on high pressure for 15 minutes. Once the timer finishes, allow the pressure to naturally release for 15 minutes before opening the lid.
Lift the lid and scatter the frozen peas over the hot rice and chicken. Close the lid again and let it sit for a few more minutes to steam the peas gently.
Carefully remove the chicken and transfer it to a serving plate. Use a fork to gently fluff the rice, taking care not to mash the grains.
Finish the dish with a sprinkle of fresh cilantro or parsley and serve warm.