Set the Instant Pot to sauté mode and brown the ground beef.
Add the chopped onion and minced garlic, sauté until softened.
Stir in the chili powder, cumin, paprika, salt, and black pepper.
Add the diced tomatoes, kidney beans, black beans, and beef broth. Stir well.
Close the lid and set the Instant Pot to manual high pressure for 10 minutes.
Once the cooking time is up, let the pressure release naturally for 10 minutes, then quick release any remaining pressure.
Open the lid, stir the chili, and serve hot.