Rinse the rice in a fine-mesh strainer under cold water until the water runs clear, then drain well and set aside.

Press the Saute button on your Instant Pot. Once the display reads 'Hot', add the oil. Stir in the minced garlic and chopped onion, and cook for about 30 seconds until fragrant.

Add the rinsed rice to the pot and cook, stirring frequently, for 3 to 4 minutes until the grains start to turn golden and smell toasty.

Stir in the diced bell pepper, jalapeno, ground cumin, and salt. Saute for another 30 seconds.

Pour in the water and scrape the bottom of the pot with a wooden spoon to loosen any browned bits (this prevents a burn warning).

Gently pour the tomato sauce over the top of the rice mixture. Do not stir.

Close the lid and set the pressure valve to 'Sealing'. Select Manual or Pressure Cook mode on High Pressure and set the timer for 5 minutes.

When the cooking cycle ends, let the pressure release naturally for 5 minutes. Then carefully turn the valve to 'Venting' to release any remaining steam quickly.

Open the lid and let the rice sit undisturbed for 10 minutes to finish absorbing moisture.

Fluff the rice with a fork, then fold in the chopped cilantro. Squeeze fresh lime juice over the top if desired. Serve warm as a side dish with enchiladas or quesadillas.