Rinse the rice under cold water.
Set the Instant Pot to 'Sauté' mode and add vegetable oil.
Add chopped onion and minced garlic; sauté until tender.
Stir in the rinsed rice, chili powder, and cumin; cook for 1-2 minutes.
Add diced tomatoes, broth, and salt; stir well.
Seal the Instant Pot and cook on high pressure for 6 minutes.
Allow the pressure to release naturally for 10 minutes, then quick release any remaining pressure.
Stir in frozen peas and carrots, cover, and let sit for 5 minutes.
Fluff the rice with a fork before serving.