Heat the oil using the Instant Pot's saute function, then saute the diced onion until translucent (about 3-4 minutes).
Add the vegetable broth and deglaze the pot, scraping up any browned bits. Press cancel on the Instant Pot to end the saute cycle.
Add the uncooked rice, tomato sauce, chili powder, cumin, garlic powder, oregano, and salt to the Instant Pot, and stir.
Close the lid and select the pressure cook function. Set the cooking time on high for 5 minutes. Remember, it will take about 10 minutes for your machine to come to pressure, then the cooking cycle will begin.
Once the cooking cycle has ended allow for a 10-minute natural release, then open the valve and release the pressure.
Fluff with a fork, and serve.
Serving: 2/3 cup, Calories: 273kcal, Carbohydrates: 55g, Protein: 5.4g, Fat: 3.2g, Sodium: 710mg, Fiber: 2.2g, Sugar: 2.9g