Set your Instant Pot to sauté mode and add olive oil.

Once the oil is hot, add the diced chicken and season with chili powder, cumin, smoked paprika, garlic powder, onion powder, salt, and black pepper. Sauté for 2-3 minutes until the chicken is lightly browned (it doesn’t need to be fully cooked).

Cancel sauté mode and add the rinsed white rice, chicken broth, black beans, corn, and salsa to the Instant Pot. Stir to combine, ensuring the rice is submerged in liquid.

Secure the lid and set the Instant Pot to pressure cook on high for 8 minutes.

Once the cooking time is complete, allow the pressure to release naturally for 5 minutes, then carefully perform a quick release to release any remaining pressure.

Open the lid and fluff the rice mixture with a fork. Taste and adjust seasoning if needed.

Serve the chicken and rice mixture in bowls. Top with shredded cheddar cheese, chopped cilantro, diced avocado or guacamole, and sour cream, if desired.