Set pressure cooker to saute and add olive oil or butter with onions and pinch of salt and pepper. Cook until softened and lightly browned. Turn pot off and pour onions into a bowl, set aside.
Pour in rice, lentils, broth and seasonings. Stir together. Lock lid and set steam valve to closed. Cook on high pressure for 10 minutes with a 2 minute natural release.
Lift lid, gently fold in browned onions. Set lid on for 1 minute to warm everything together and serve.