Sauté the Aromatics: Set the Instant Pot to the Sauté function on High. Add olive oil and butter, allowing them to melt. Stir in the saffron and cook for 30 seconds until fragrant.
Soften the Vegetables: Add the diced onion and red bell pepper, stirring occasionally, and cook for 3 minutes until they start to soften. Stir in the minced garlic and cook for another minute.
Cook the Protein & Spices: Add the chopped chicken and chorizo, stirring to coat. Sprinkle in paprika, cumin, dried parsley, and chili powder. Sauté for 3 minutes, stirring frequently to prevent sticking, until the chicken is no longer pink on the outside.
Deglaze and Simmer: Pour in the white wine and let it simmer for 1 minute, scraping the bottom to deglaze. Add the chicken broth, lime juice, and diced tomatoes with their juices. Stir well and bring the mixture to a simmer.
Add the Rice: Once the liquid is bubbling, add the rice. Do not stir—instead, use a spoon to lightly submerge it under the broth.
Pressure Cook: Secure the Instant Pot lid and move the valve to the Sealing position. Set the Instant Pot to Manual/Pressure Cook on High Pressure for 10 minutes. Perform a quick release when finished.
Final Stir & Rest: If the dish appears too liquidy, give it a good stir. The excess broth will absorb, creating a velvety sauce. Let the dish rest for 5 minutes to thicken.
Serve & Enjoy: Spoon onto plates and serve warm. For an authentic touch, pair it with refried beans or a fresh side salad.