Turn on the saute button in an instant pot. Once it displays hot, add the oil to the pot. Now add garlic, onion and bell peppers, saute for a minute.
Then add water to the pot. Add all the remaining ingredients. Do not stir but press slightly so that rice is under the liquid.
Close the pot with its lid. Press the manual/ pressure cook button and cook on high pressure for 5 minutes, with the pressure valve in the sealing position.
Once pressure is released, open the pot and add in the cheese and close the pot with a glass lid for a couple of minutes until the cheese melts.