Add the healthy fat of your choice to the Instant Pot and press "Sauté." When the fat has melted, add the chicken and brown for 2 minutes on each side.
Remove the browned chicken to a plate and set aside. Add the broth to deglaze the Instant Pot.
Press the "Keep Warm/Cancel" button.
Add the cilantro, onion, garlic, bell peppers, jalapeños, potato, tomato, salt, cumin, chili powder, oregano, black pepper, lime juice, and chicken, then stir to coat the chicken.
Place the lid on the Instant Pot, making sure the steam-release valve is sealed. Press the "Manual" button and set for 5 minutes.
When the Instant Pot is done and beeps, press "Keep Warm/Cancel." Allow the Instant Pot to release pressure naturally for 10 minutes.
Using an oven mitt, open the steam valve. If there is any steam left over, allow it to release until the silver dial drops, then carefully open the lid.
Serve immediately with your favorite fajita toppings and fixings.
Notes
Make sure to dry the chicken breast strips before browning them. Otherwise, you'll end up with too much liquid for them to brown.
Do not crowd the chicken strips in the inner pot. I had to sauté them in small batches to get the golden brown color.
You'll end up with more liquid from peppers and onions so you only need about ¼ cup of chicken broth.
Cooking time will depend on how thick the chicken strips are. I cut mine about ¼" thick and cooked for 8 minutes on HIGH, and released the pressure manually because I didn't want the vegetables to get too soft.
If you want more spicy heat, use 4 Jalapeño peppers or more.