Step 1: In the instant pot, add olive oil, chopped red pepper, chopped onion, saffron threads, garlic, garlic powder, paprika, salt, and onion powder. Adjust the pot and set it to ‘Sauté’ and let the added ingredients cook for five minutes.
Step 2: Dice tomatoes (not too finely) and add them to the electric pot. You can also use the canned version if you prefer.
Step 3: Add bacon crumbles and rice. Stir continuously.
Step 4: Add lemon juice and chicken stock, homemade or canned, as desired. In a minute or so, introduce chicken into the mixture. Cover the pot with its lid and cook for ten to twelve minutes. If you are using pre-cooked chicken, reduce the cooking time by three to four minutes.
Step 5: Release the pressure from the cooker. Rice should be mixed with shredded chicken and stirred back in. Add frozen peas and some freshly ground black pepper. They will instantly become warm and soft. Mix a little, and you will be done. So there you have it, your instant pot paella. Serve hot with your favorite cutlery.