Rinse rice. Place rice in a colander and rinse under running water until the water runs clear.
Blend. Combine tomatoes, onion, jalapeño, garlic, chicken broth, salt, and chipotle chili powder in a blender and blend until smooth.
Fry rice. Turn the Instant Pot to SAUTE on HI. Add the oil and let heat for 1 minute. Add the rice and fry in the oil, stirring frequently to prevent from sticking and burning, until opaque and toasted, about 6 minutes.
Cook. Add the tomato sauce and stir to combine. Seal the Instant Pot. Select PRESSURE COOK HIGH for 4 minutes. It will take about 15 minutes for the machine to come up to pressure before the cooking cycle begins.
Natural Release. When the 4 minutes of pressure cooking has finished, let the pressure release naturally for at least 5 minutes. If you have more time, let it release naturally for 10-15 minutes for maximum fluffiness. Quick release the remaining pressure. Carefully open the lid.
Fluff and serve. Fluff rice with a fork and serve.