In a small bowl, combine the chile powder, cumin, oregano,salt, pepper, onion powder, and garlic powder. Sprinkle thespice mixture over the chicken thighs.
Set the Instant Pot to Sauté and adjust to More or high.
Heat 2 tablespoons of vegetable oil in the pot, add the chicken thighs, and fry for 5 to 7 minutes, or until golden brown. Transfer the chicken to a heat-proof plate.
In the Instant Pot, heat the remaining 1 tablespoon of vegetable oil. Sauté the rice until light golden brown. Add the onion and garlic; sauté for 2 to 3 minutes, or just until the onion is translucent. Stir in the tomatoes.
Pour in the chicken broth and tomato sauce; season lightly with salt. Return the chicken to the Instant Pot. Top withthe cilantro.
Lock the lid into place and set the steam release valve to sealed. Select Manual or PRESSURE COOK and set the timer for 12 minutes on high.
When cooking is complete, allow the pressure to release naturally. Unlock and remove the lid.
Discard the cilantro. Serve immediately, garnished with Pico de Gallo Verde and pimiento-stuffed olive slices (if using).