Place the stainless steel inner pot inside the Instant Pot®. Press Pressure Cook and set time to 20 Minutes. Add the lima beans and water. Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing.
Remove the cooked lima beans and place the minced onion and garlic in the Instant Pot®. Press Saute, set time to 8 Minutes, and add the salt, pepper, oregano, and ají panca. Finally, add 3 tbsp of water and the cooked lima beans.
Finally, serve the lima beans with rice and salsa criolla.