Turn the Instant Pot to the 'Sauté' setting. Add olive oil and let it heat up.
Add chopped onions and minced garlic. Sauté until they are translucent, about 3–5 minutes.
Brown the beef cubes in batches to avoid overcrowding. Cook for about 4–5 minutes on each side.
Once the meat is browned, add tomato paste, broth, potatoes, carrots, thyme, salt, and pepper. Stir to combine.
Close the lid of the Instant Pot and ensure the vent is set to 'Sealing.'
Select the 'Pressure Cook' or 'Manual' setting and set the time for 35–45 minutes, depending on the tenderness you desire.
Once the timer goes off, allow for a natural release for 10–20 minutes. Then, carefully switch the vent to 'Venting' to release any remaining pressure.
If using frozen peas, stir them in now. Allow them to heat for a few minutes before serving.