Turn your Instant Pot to the SAUTE function. Add 2 tbsp olive oil. Once the olive oil is heated, add the 1 chopped green pepper and 1 small chopped sweet onion. Saute, stirring occasionally, for about 5 minutes, until the vegetables soften.
Add 1/2 tbsp oregano, 1 tsp cumin, 3/4 tsp salt, and 1 tsp paprika. Saute for 1 minute.
Turn the SAUTE function off. Add 1 lb dry black beans into the pot, and add 3 1/2 cups chicken broth, 2 tsp granulated sugar, and 3 bay leaves into the pot.
Put the lid onto the Instant Pot and turn the dial to MANUAL or HIGH. Cook for about 45 minutes, depending on how soft you like your black beans (cook for less time for more al-dente beans).
When the cooking cycle is complete, allow for a 15 minute Natural Pressure Release. Then Quick Release whatever pressure is left over. Open the lid of the Instant Pot and stir the beans. Add 1/4 cup fresh cilantro into the beans. Serve, and drizzle servings with lime juice to taste. Enjoy!