Turn your Instant Pot on to Saute and add the oil. Wait for the Instant Pot to heat up for a minute or two then add the onion. Cook, stirring occasionally, until onion begins to sweat, about 3 minutes. Add the carrots, pepper, and garlic and continue cooking another 2 minutes.
Add the ground beef and ground turkey and mix into the vegetables. Cook until the meat has browned, about 5 minutes.
Add the remaining ingredients and stir well.
Secure the lid on the Instant Pot and press the Chili function and set the time to 20 minutes. Allow the Instant Pot to release for 10 to 15 minutes, or quick release with the vent.
Serve with desired toppings and enjoy!
Follow the same instructions above using a large stock pot or Dutch oven, heated over medium on the stove top. Once the meat has browned and all ingredients are stirred in, cover, lower heat to low, and cook at a very gentle boil for 30 minutes to 3 hours.