Rinse rice well. The easiest way is to place rice in a metal strainer and place the strainer in a mixing bowl or pot just a bit larger than the strainer. Run tepid water over stirring the rice around with your fingers as the bowl fills up. Empty bowl and repeat five more times for a total of six times, or until water in bowl is clear.

Add oil to Instant Pot and set to Saute setting. When hot and oil is shimmering, add the onion and carrot (if using) and cook, stirring, until it starts to look translucent. Add the garlic and sit for a minute or two more until it smells fragrant.

Add the well rinsed and drained rice and stir around until some of the rice begins to look a little white around the edges, three to four minutes. Turn off pot and immediately add the salt, chicken stock or water or combination. Check the bottom of the pot to make sure there is no residue from the sauteeing process and scrape any residue off.

Add the tomato sauce to the top of the rice and stir minimally; basically just work it through the top layers of the rice, leaving the majority of it on top of the rice. Add the jalapenos or serrano to the top of the rice if using.

Seal Instant Pot and set for High Pressure, 4 minutes. Allow to release for 12 minutes, then turn Instant Pot off. Fluff with a large fork. Remove the chili and, if using, add in the peas, cover and let sit for five minutes.