Select the Saute function on your electric pressure cooker. Add the ground beef, salt, and black pepper to the pot. Let the beef cook for 5 to 6 minutes without stirring. Stir and cook for an additional 2 to 3 minutes, until the beef is browned. Use a spoon or potato masher to break up the beef into small, bite-sized pieces. Drain any excess grease.

Add the tomato paste to the pot and cook for 5 minutes, stirring frequently, until it turns deep red and begins to release its oils.

Add the diced onion, celery, green bell pepper, chili powder, cumin, garlic powder, and onion powder to the beef mixture. Stir well and cook for 1 minute, until fragrant.

Turn off the pressure cooker and add the water, tomato juice, canned tomatoes and their juices, drained kidney and pinto beans, green chilies, and sugar. Stir to combine.

Set the lid according to the manufacturer’s directions. Cook on high pressure for 8 minutes. Let the pressure release naturally (this should take about 45 minutes).

With the lid off, select the Saute function. Make a cornstarch slurry by mixing the cornstarch with 1 tablespoon of water. Add the slurry to the pot and stir until well combined. Cook, stirring, for about 5 minutes, until the chili is thickened.

Serve the chili with chopped green or minced yellow onions and grated cheddar cheese, if desired.