Press the saute function on the Instant Pot and add the olive oil. Once hot, add the onion, garlic, and red bell pepper. Cook for 3 minutes, stirring often, until the vegetables soften.
Turn off saute mode. Add the black beans, corn, diced tomatoes, vegetable broth, cumin, chili powder, and salt. Stir everything to combine.
Secure the lid and set the valve to sealing. Cook on manual high pressure for 10 minutes.
Use quick release once the timer goes off. Remove the lid and give the soup a stir. Ladle into bowls and top with cilantro and a squeeze of lime.