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Press the sauté button on the Instant Pot and adjust to high.
Add olive oil, onion, and garlic. Sauté for about 3 minutes. Deglaze the pot with chicken broth and lime juice. Scrape the bottom of the pot to remove any browned bits. Turn off the Instant Pot.
Add chicken tenderloins.
In a separate small bowl, combine chili powder, paprika, salt, garlic powder, and cumin. Shake about half the spice mixture over the chicken and stir with the onions and broth.
Add the bell peppers over the chicken and do not stir. Sprinkle the rest of the spice mixture over the peppers.
Lock the lid, turn the knob to the sealing position, then press the manual or pressure cook button and adjust the time to 2 minutes.
After the 2 minute cook time, perform a quick release and turn the knob from sealing to venting.
Using tongs, remove the fajitas to a serving bowl and sprinkle with additional lime juice before serving.