Put the olive oil in the Instant Pot and select Browning/Sauté. When the oil is hot, add the onion and red bell pepper. Cook until softened, about 3 minutes. Stir in the garlic and cook for 2 minutes.
Add the diced tomatoes, green chiles, vegetable broth, lime juice, brown rice, black beans, pinto beans, chili powder, cumin, paprika, salt, and pepper. Stir until combined. Lock the lid on the Instant Pot, select high pressure, and set to 22 minutes cook time.
After the 22 minutes, turn off the Instant Pot and let the pressure naturally release for 10 minutes. After the 10 minutes, carefully turn the vent to a quick pressure release.
Stir in the corn, shredded cheese, cilantro, and green onions. Taste and season with additional salt and pepper, if necessary.
Serve with sliced avocados and tortilla chips, if desired.