Select saute function and adjust the setting to high. Add one tablespoon extra virgin olive oil to the unit. When hot, add the chicken pieces and generously season with salt and black pepper.
Sauté, while stirring with a wooden spoon, until the chicken is browned on all sides, approximately 3-4 minutes.
Transfer the chicken to a plate and add the remaining olive oil and two tablespoons butter to the unit. Add the chopped onion, garlic powder and dried thyme.
Season with salt and black pepper, to taste, and stir to combine.
Cook, stirring occasionally, until the onions are soft and begin to slightly brown, approximately 4-5 minutes.
Add the Arborio rice into pot and lightly brown for 1-2 minutes by stirring continually in the hot butter and oil.
Add the white wine to deglaze the pot by gently scraping with a spatula to remove any browned bits from the bottom.
When the liquid is reduced by one half, turn the Instant Pot off by pressing the “Cancel” button.
Return the chicken and any juices from the plate to the container and add the chicken broth.
Cover and lock the lid into place. Set the pressure release valve to “Sealing” and then select the “Manual” button on the high setting. Set the cook time to 6 minutes.
When cook time is complete, do an immediate quick release of the pressure. Once the pin drops and there is no more steam coming out, carefully remove the lid.