Set Instant Pot to “Saute” setting. Drizzle with oil, then add onions and garlic and saute for 1-2 minutes until fragrant. Add cumin, chili powder, salt and pepper and saute for 20-30 seconds longer.
Add chicken broth and lime juice, stir for a few seconds to loosen onions and garlic from the bottom of the pot, then add chicken, black beans, corn, salsa, and rice.
Place the lid on the pot, set vent to the “seal” position, and change to the “Pressure Cook” setting for 10 minutes.
Once time is up, let the pot naturally release for 5 minutes, then turn the vent to the venting position. Once pressure is completely released and float valve drops down, remove the lid. Remove chicken breasts and shred with two forks. Return to the pot and mix in with the rice.
Sprinkle the cheese on top and place the lid on the pot for 3-4 minutes until the cheese has melted. Serve with your favorite toppings like cherry tomatoes, avocado, olives, cilantro, or sour cream.