Select the Sauté function on your Instant Pot. Set the level to medium and set the time to 10 minutes. When the Instant Pot is preheated, drizzle the avocado oil into the pot and add the onion, red and green bell pepper, and jalepeño. Cook, stirring occasionally, for 8 minutes, or until the vegetables soften.

Add the chili powder, cumin, coriander, oregano, salt, and tomato paste and sauté, stirring, for the remaining 2 minutes.

Add the garlic, tomatoes, pinto and kidney beans, water, and dried chile, if using. Stir, then secure the lid on the Instant Pot and pressure cook on high for 45 minutes. Allow the Instant Pot to release pressure naturally. This will take 20 to 30 minutes. When the float valve drops, remove the lid and stir, pressing the dried chile, if using, against the sides of the pot to release its flavor. Remove and discard the chile. Season to taste and serve with desired toppings.