Select saute/browning on pressure cooker, once it reads "hot" add vegetable oil and onions, saute 2 - 3 minutes. Add garlic and saute 30 seconds longer (if using garlic powder add along with other spices).
Press "cancel" then pour in chicken broth, water, tomato sauce, chili powder, cumin, cayenne pepper and season with salt and pepper to taste, stir. Mix in rice.
Lock the lid in place, make sure valve is set to "sealing" position, select "manual" mode and 4 minutes cook time.
When the cook time ends, turn the pressure cooker off and let the pressure release naturally for 10 - 15 minutes
Once steaming stops finish using the quick pressure release method according to manufacturers instructions. Fluff rice with a fork and serve warm.
Recipe source: recipe adapted from The Electric Pressure Cookbook by Barbara Shieving