Trim off the tough green tops and remove the outer layers of the lemongrass stalks, using only the tender pale inner portion. Cut the stalks in half lengthwise and lightly bruise them with the back of a knife to release their aroma.
Add the rinsed jasmine rice, water, lemongrass stalks, salt, and butterfly pea flowers to the Instant Pot.
Pressure Cook on High/More for 3 minutes.
After the cooking cycle is complete, perform an immediate quick release by carefully flipping the valve to release the pressure.
Once the pressure is released, remove the lid and discard the lemongrass stalks and butterfly pea flowers.
Fluff the rice with a fork, and serve alongside your favorite Thai dishes.