Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add chopped bacon and cook until browned, 5 to 8 minutes. Add onion and jalapeno and cook until tender, about 5 minutes more. Add garlic and saute another 30 seconds.

Add water, chicken broth, dried beans, vinegar, sazon, cumin, oregano, bay leaf, salt, and pepper to the pot and stir. Close and lock the lid, select Manual function, and set timer for 40 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer’s instructions for 15 minutes. Unlock and remove the lid. Stir beans and remove bay leaf. Season with salt and pepper to taste.

Serve beans with a wedge of fresh lime and garnish with cilantro.