Preheat your Instant Pot using the SAUTE function on the display panel and add olive oil. Once the oil is hot, add garlic, onions, bell pepper and carrots. Sauté for 5-7 minutes. Stir every couple minutes until the onions become translucent.
Add ground beef, chili powder, cumin, garlic powder, onion powder, oregano, salt and pepper. Cook for about 5 minutes.
Add tomato sauce, chicken broth, diced tomatoes, black beans, and corn. Stir to combine.
Place the lid on the pot and make sure the pressure valve is in the sealing position.
On the display panel, press the cancel/off button. Then select the MANUAL/PRESSURE COOK button and use the +/- buttons until the display says 7 minutes.
When time is up, naturally release for 5 minutes before switching the pressure valve to the venting position. Open the lid and stir in lime juice. Garnish with fresh chopped cilantro, sour cream or diced avocado. Enjoy!
Notes
You can use any chicken, beef, or vegetable broth or stock.
Feel free to swap the black beans for pinto, kidney, or white beans.
Try not to use beef that's too lean as the fat adds flavour to the soup.
To store: Store leftover taco soup for up to 5 days in the fridge in airtight containers.
To reheat: You can reheat the soup in the microwave, stovetop, or Instant Pot.
To freeze: Freeze soup in a freezer-safe container with some space on top as the soup will expand when frozen. This will keep for up to 3 months.