Rinse rice well until water runs clear and drain.

Add oil to Instant Pot and set to Saute setting. When hot and oil is shimmering, add the onion and carrot and cook, stirring, until the onion looks 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 slightly darkens, turning a light golden color, three to four minutes. Remove the liner from the pot to let it cool a little if rice becomes too hot and begins to stick or burn.

Once rice is ready, or if the liner has had to be removed, turn off pot and immediately add the salt, chicken stock, water, or combination. Do not stir, but check the bottom of the pot carefully, turning to closely examine all areas and scrape (without over-agitating) any residue away with a wooden or rubber spatula. Remove the liner if necessary to see the bottom.

Place liner back in pot. Very slowly drizzle tomato sauce over the rice, but do not stir. Gently nudge and work it through the very top layers of the rice, not letting it reach the bottom of the liner. Less is more; leave the majority of the sauce on top. Add the jalapenos or serranos to the top of the rice if using.

Seal Instant Pot and set for High Pressure, 4 minutes. Allow to release for 10 minutes, then turn Instant Pot off. Remove the jalapenos or serranos. Fluff very gently with a large serving fork. If using, add in the peas. In either case, lightly cover with lid ajar and let sit for five minutes. Remove rice with a thin, metal spatula by gently lifting portions of the rice to the serving bowl.

In the meantime, roll the peppers lightly in coarse salt if desired.