Saute. Allow your Instant Pot to heat up for a minute or so on the "saute" function. Add the olive oil and allow it to heat for a few seconds before adding the onion, bell pepper, and jalapeno. Saute for 2-3 minutes.
Brown the turkey. Add the ground turkey and season with salt, pepper, and garlic powder. Cook, breaking it up with a wooden spoon as you go, for 5-7 minutes or until browned on all sides.
Load the instant pot. Stir the Rotel, chicken stock, kidney beans, pinto beans, cumin, smoked paprika, chili powder, and bay leaves into the turkey.
Cook. Seal the instant pot and cook on high pressure for 15 minutes. Allow the pressure to naturally release before opening the instant pot.
Season. Give the chili a stir and a taste. Season with extra salt and pepper if desired.
Notes
Including jalapeños are optional. Swap out for a milder or spicer pepper depending on your preferences.
Adjust the type of beans (black or white beans) you use depending on your preferences.
Customize your chili with your favorite toppings: sour cream, green onions, cheddar cheese, red onion, or fresh cilantro.