Press the Sauté button on the Instant Pot®. Add butter to pot and heat 30 seconds until melted. Add shallots and stir-fry 5 minutes until they are translucent. Add garlic and rice and cook for an additional minute.
Add 1 cup broth and stir 3 minutes until it is absorbed by rice. Add remaining 3 cups broth, salt, and pepper. Lock lid.
Press the Manual or Pressure Cook button and adjust cook time to 10 minutes. When timer beeps, let pressure release naturally for 10 minutes. Quick-release any additional pressure until float valve drops and then unlock lid.
Stir in lime zest, mint, and peas. Heat 3 minutes until peas are heated through.