Add olive oil to the Instant Pot. Using the display panel select the SAUTE function.
When oil gets hot, brown the chicken on 2 sides, 3-4 minutes per side. Meat will not be cooked through. Do not crowd the pot--you may have to work in batches.
Add garlic and cook for 1-2 minutes more.
Return all chicken to the pot. Add broth and lime juice to the pot and deglaze by using a wooden spoon to scrape the brown bits from the bottom of the pot.
Sprinkle cayenne, salt and cilantro over the top. Do not stir.
Turn the pot off by selecting CANCEL, then secure the lid, making sure the vent is closed.
Using the display panel select the MANUAL or PRESSURE COOK function*. Use the +/- keys and program the Instant Pot for 5 minutes.
When the time is up, let the pressure naturally release for 15 minutes, then quick-release the remaining pressure.
Carefully remove the meat from the pot to a foil-lined baking sheet and set under a broiler until golden brown, about 5 minutes.
Serve warm sprinkled with additional cilantro.
Notes
*The MANUAL and PRESSURE COOK buttons are interchangeable.