Place the Instant Pot on Saute mode and then wait for it to say "Hot." Once hot, add in your onion, garlic, and olive oil.
Saute this for about 4 minutes, stir around occasionally. Then, hit "Cancel" on the Instant Pot.
Add in the cumin, oregano, and thyme. And then cook about 30 seconds. Stir regularly.
Next, you can add in the carrots, water, salt, pepper, bay leaves, rice, and chicken.
Put the lid on the Instant Pot and seal the valve. Pree the "Pressure Cookking" option and choose "High" for 22 minutes.
Once the time is up, allow for a gradual release of pressure, which should take about 25 minutes.
Once the pressure is cleared out, open the lid and serve.