Set the Instant Pot to Sauté. Add the olive oil and let it warm for about 1 minute.
Add the chicken pieces. Cook, stirring occasionally, until they’re lightly browned on all sides, about 4–5 minutes.
Remove excess fat if you like, then add the diced onion and minced garlic. Sauté until the onion is translucent and fragrant, about 2–3 minutes.
Stir in the rinsed rice, chicken broth, and water. Sprinkle in salt, pepper, paprika, and turmeric if using. Give everything a quick stir to distribute the spices.
Lock the lid on the Instant Pot. Set to High Pressure for 6 minutes. When the timer ends, let the pressure release naturally for 10 minutes, then perform a quick release to vent any remaining steam.
Open the lid. Stir in the frozen peas (they’ll heat through in the residual warmth). If you like, finish with a small knob of butter for gloss and richness.
Taste and adjust seasoning. If the rice seems a touch firm, you can replace the lid and let it sit on the Keep Warm setting for a few minutes before serving.