Turn the Instant Pot to the sauté mode. Add olive oil and allow it to heat up.
Once hot, add the diced onion, garlic, and bell pepper. Sauté for about 5 minutes until the vegetables are softened.
Stir in the cumin, smoked paprika, and chili powder, and cook for another minute until fragrant.
Add the drained black beans, vegetable broth, diced tomatoes, salt, and black pepper to the pot. Stir well to combine.
Close the Instant Pot lid and ensure the valve is set to sealing. Select the manual/pressure cook setting and set the timer for 15 minutes.
Once the cooking time is complete, allow for a natural pressure release for 10 minutes. Then, carefully quick-release any remaining pressure.
Open the lid and stir in the lime juice. Adjust the seasoning if necessary.
Serve hot, garnished with fresh cilantro and accompanied by avocado slices or a dollop of sour cream or Greek yogurt, if desired.