Season the chicken pieces generously with salt and pepper.

Turn the Instant Pot to the 'Sauté' setting and add the olive oil. Once hot, add the chicken pieces and brown them for about 2-3 minutes, stirring occasionally. You don't need to fully cook them at this point.

Add the diced onion and minced garlic to the pot with the chicken. Sauté for another 2-3 minutes until the onion starts to soften.

Pour a small amount of the chicken broth into the Instant Pot and use a wooden spoon to scrape up any browned bits from the bottom of the pot. This step is crucial to prevent the "Burn" warning.

Add the rinsed and drained rice to the pot, along with the diced carrots, frozen peas, dried thyme, and bay leaf if using. Pour in the rest of the chicken broth and gently stir to combine. Make sure the rice is submerged in the liquid but avoid stirring too much after this point.

Close the Instant Pot lid and set the valve to 'Sealing'. Cook on high pressure for 7 minutes. After the cooking time is up, allow a natural release for 10 minutes, then carefully turn the valve to 'Venting' to release any remaining pressure.

Once all the pressure has been released, open the lid. Remove the bay leaf, if used, and fluff the rice with a fork. Taste and adjust the seasoning with additional salt and pepper if needed.

Serve the chicken and rice hot, garnished with fresh chopped parsley or chives if desired.