In a medium mixing bowl, whisk together the olive oil, lime juice, cumin, chili powder, paprika, cayenne pepper, onion powder, garlic powder, salt, and black pepper.
Add the thinly sliced chicken breasts to the bowl and toss to coat evenly with the marinade.
Pour 1 cup of chicken broth into the stainless-steel insert of the Instant Pot.
Carefully add the marinated chicken strips to the Instant Pot.
Layer the thinly sliced red bell pepper, yellow bell pepper, and onion slices on top of the chicken.
Close the lid, lock it into place, set the valve to "sealing" position, and press the "Pressure Cook" (or "Manual") button. Set the timer to 5 minutes on high pressure.
When the cook time is complete, press the "Cancel/Off" button.
Carefully switch the valve to venting position for a quick release of pressure. Once the pressure is fully released and the metal valve drops, carefully open the lid, being cautious of the steam.
Stir the fajitas gently before serving.