Add rice to a fine mesh strainer or colander and rinse under running water until the water runs clear. Drain well.
Turn on the saute function on the Instant Pot and set to medium and add the oil to the pot.
When hot, add the rice and saute for 5 minutes, stirring frequently, until the rice begins to lightly brown.
Add the onion, tomato, garlic and salt. Stir and saute for 30 seconds.
Add the broth and tomato paste. Stir together to mix until the tomato paste has completely dissolved.
Turn the Instant Pot off, secure the lid, and turn the valve to the sealed position.
Turn on Manual or High Pressure, set the pressure valve to the seal position, and pressure cook for 4 minutes. When the time is up, let the pressure release naturally for 10 minutes, then carefully open the valve to release any remaining pressure.
Add the frozen peas and gently fluff the rice with a fork. Don't stir it. Taste and season with more salt if necessary.