Turn the Instant Pot on and select sauté mode. Once hot, add oil, garlic, shallots, jalapeño and bell pepper. Stir and sauté for about 5 minutes. Add in chili seasoning and 1/2 cup water. Stir to combine.
Next add all the beans (rinsed) and corn. Give it a good stir to mix all the ingredients.
Lastly, add in the jar of tomato sauce. Use remaining 1/4 cup of water to wash out the extra tomato sauce from the jar and pour it into the instant pot. Do not stir. Let the tomato sit on top of the beans.
Cover the pot and secure the lid in place. Select manual and cook at high pressure for 3 minutes.
Once cooking is done, release the pressure. Remove the lid and stir.
Serve with fresh avocado, shredded cheese, cilantro, lemon and sour cream.