Turn on a multi-functional pressure cooker (such as Instant Pot) and select Saute function. Add ghee. Add onions and cubed lamb to the melted ghee; cook and stir until lamb is browned and onion is soft and translucent, 5 to 7 minutes. Stir in tomatoes, potatoes, and garlic. Cook for 2 more minutes.
Mix in salt, pepper, cumin, coriander, turmeric, cinnamon, ginger, paprika, and chili flakes. Stir in tomato paste. Add chicken broth, lentils, raisins, and honey; stir until all ingredients are well combined.
Turn Saute mode off. Close and lock the lid. Set vent to 'Sealing' and select Meat/Stew mode according to manufacturer's instructions; set timer for 30 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, for 10 minutes. Turn vent and release remaining pressure carefully using the quick-release method according to manufacturer's instructions. Season with salt and pepper, if needed.