Turn on a multi-functional pressure cooker (such as Instant Pot) and select Saute function. Add olive oil and let heat for 1 minute. Add carrot, onion, bell pepper, and jalapeno; saute for 2 minutes. Add garlic and saute for 30 seconds. Hit Cancel.
Add broth, picante sauce, lentils, taco seasoning, and cumin. Stir to combine. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 6 minutes. Allow 10 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 10 minutes. Remove the lid and stir in cilantro and lime juice. Ladle into bowls and serve immediately.