Turn on a multi-functional pressure cooker (such as Instant Pot) and select Sauté function.
Add oil to the pot and let heat for about 1 minute. Add onion and cook for 2 minutes. Turn Sauté function off.
Add cranberry beans, chicken broth, beer, picante sauce, cilantro, jalapeño peppers, garlic, oregano, and cumin; stir to combine. Close and lock the lid.
Select high pressure according to the manufacturer's instructions; set the timer for 45 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to the manufacturer's instructions, 10 to 15 minutes. Season with salt and pepper.