In a small bowl, whisk together the olive oil, lime juice, ground cumin, paprika, salt, black pepper, and chili pepper until combined.
Make sure the stainless steel insert is in the Instant Pot. Add the chicken strips to the insert and pour the oil-and-spice mixture over the chicken; gently toss with tongs to coat.
Wash, core, and thinly slice the red, green, and orange bell peppers and the medium sweet onion. Layer the sliced peppers and onion on top of the chicken in the pot.
Add 1/2 cup water to the insert (this is required for the Instant Pot to come to pressure).
Close the lid and set the valve to sealing. Select Manual/High Pressure and set the cooking time to 10 minutes.
When the cook cycle finishes, press Cancel/Off and carefully switch the valve to venting for a quick release. Open the lid away from your face once the float valve drops.
Serve the chicken and peppers in warmed flour tortillas and garnish as desired with chopped cilantro or parsley and a pinch of crushed red pepper.