Set the Instant Pot to Sauté mode and add the coconut oil.
Add the diced chicken breast and sear for 2-3 minutes until the exterior is no longer pink.
Stir in the red curry paste and cook for 1 minute until highly fragrant.
Pour in the chicken broth and use a wooden spoon to deglaze the bottom of the pot, scraping up any browned bits.
Stir in the coconut milk, fish sauce, and coconut sugar until well combined.
Secure the lid, set the valve to Sealing, and cook on Manual High Pressure for 3 minutes.
Once the cooking time is complete, perform a quick pressure release.
Open the lid and stir in the broccoli florets and sliced red bell peppers.
Set the pot back to Sauté mode for 2-3 minutes to steam the vegetables until they are tender-crisp.
Turn off the Instant Pot, stir in the fresh lime juice, and garnish with chopped cilantro before serving.