Rinse the rice under cold water until it runs clear and set aside.
Turn on the sauté setting on your instant pot and add oil and onion. Sauté for 3 minutes until translucent.
Add in the rice, stirring to toast with the onions for about 2 minutes.
Add tomato sauce, tomato bouillon cubes, salt, diced carrots, and minced garlic cloves to the pot. Stir well.
Pour in the chicken broth or vegetable broth and stir until everything is dissolved.
Close the lid of the Instant Pot, making sure the steam valve is set to seal.
Select Manual mode and set it for 3 - 4 minutes on high pressure.
Once the cooking time is over, allow for a 10-minute natural release before manually releasing any remaining pressure.
Stir in frozen peas and let them cook with the residual heat.
Fluff the rice with a fork and adjust the seasoning if necessary. Serve and enjoy!