Put the water, rice noodles, chicken, olive oil, garlic, soy sauce, and pad thai sauce in the Instant Pot.
Allow the rice noodles to float a little bit above the other ingredients in the Instant Pot.
Put the lid on the Instant Pot and seal the valve. Put on "Manual" high pressure for 2 minutes.
Once that is done, open the lid and then add in the bell peppers, carrot matchsticks, half of the peanutes. Stir this together, and then place the lid back on the Instant Pot.
You want this to set for about 5 minutes, and then remove the Instant Pot lid.
Add in the rest of the chopped peanuts and then add the green onions, cilantro, and serve!