Set the instant pot to sauté mode and add olive oil.
Brown the beef in batches for about 5 minutes, removing it as it browns.
Add onions and garlic to the pot, sautéing for 2-3 minutes until fragrant.
Stir in the tomato paste, cooking for another minute.
Return the beef to the pot, adding beef broth, carrots, potatoes, thyme, salt, and pepper.
Close the lid, seal the vent, and set to manual high pressure for 35 minutes.
Once done, allow for a natural pressure release for about 10 minutes.
Carefully release any remaining pressure and open the lid.
Stir in frozen peas and let sit for 5 minutes before serving.
Garnish with fresh herbs if desired and enjoy!