Set the pressure cooker to sauté mode. Add the ground beef and cook until browned, about 5-7 minutes. Drain excess fat if desired.

Stir in the diced red and green bell peppers, chili powder, cumin, salt, and pepper. Cook for an additional 2 minutes to soften the vegetables.

Pour in the beef broth and diced tomatoes with their juices. Scrape the bottom of the pot to ensure no browned bits are stuck.

Secure the pressure cooker lid and set to high pressure for 10 minutes. Once done, perform a quick release of the pressure.

Stir the chili well. Serve hot, generously topped with shredded cheddar and Monterey Jack cheeses.