Add the healthy fat of your choice to the Instant Pot and press “Sauté.” When the fat has melted, add the chicken and brown for 3 minutes on each side. Remove the browned chicken to a plate and set aside. Add the broth to deglaze the Instant Pot.
Press the “Keep Warm/Cancel” button. Add the cilantro, onion, garlic, bell peppers, jalapeños, potato, tomato, salt, cumin, chili powder, oregano, black pepper, lime juice, and chicken, then stir to coat the chicken.
Place the lid on the Instant Pot, making sure the steam-release valve is sealed. Press the “Manual” button and set for 5 minutes.
When the Instant Pot is done and beeps, press “Keep Warm/Cancel.” Allow the Instant Pot to release pressure naturally for 10 minutes. Using an oven mitt, open the steam valve. If there is any steam left over, allow it to release until the silver dial drops, then carefully open the lid.
Serve immediately with your favorite fajita toppings and fixings.