Press SAUTE button on Instant Pot and let it heat up. Once hot, add in butter and let it start to melt.
Add the orzo pasta to the pot and cook for 2 minutes or until it starts to lightly brown.
Add the rice to the pot and cook for 3 minutes or until it turns bright white.
Pour in the chicken broth on top of the pasta and rice, then add in the bell peppers, onion, garlic powder, salt, black pepper, onion powder, and paprika. Don't stir the broth in.
Place the lid on top of the Instant Pot and move the valve to SEALING.
Press the CANCEL button to turn off the saute function, then press PRESSURE COOK (or the MANUAL button). Set the timer for 3 minutes.
When the timer is finished, allow the pressure to do a NATURAL RELEASE (this will take 10-15 minutes).
Remove the lid and mix the rice/pasta mixture together with all the other ingredients.
If desired, top individual servings with fresh parsley.
Notes
We recommend rinsing your rice before cooking. Just rinsing in cold water in a bowl for a few minutes works great.