Set the Instant Pot to sauté mode and heat olive oil.
Add chopped onion and sauté until translucent, about 3-4 minutes.
Add minced garlic and sauté for another 1 minute until fragrant.
Add chicken pieces to the pot and lightly brown for 2-3 minutes.
Sprinkle dried thyme, paprika, salt, and pepper over the chicken and stir to combine.
Add the mixed vegetables and pour in the chicken broth.
Secure the lid and set the Instant Pot to pressure cook on high for 8 minutes.
Once cooking is complete, allow natural pressure release for 5 minutes, then quick release any remaining pressure.
Open the lid carefully and check that chicken is cooked through and vegetables are tender.
Adjust seasoning to taste and serve hot.