Rinse the rice with water in a colander or strainer until the water runs clear, and shake off excess water.
Add the oil to the Instant Pot insert and turn on Saute, High. Warm the oil and then add the rinsed rice and "toast it" for 2 to 3 minutes, tossing often. Tap Cancel button twice to turn it off.
Quickly pour in the hot water and lime juice (in that order) to "shock the rice." Give it a gentle stir and close the lid.
Set to Sealing.
Cook on Manual, High, for 7 minutes.
Meanwhile, finely chopped the cilantro leaves.
Natural or Quick release, then stir in the chopped cilantro and salt, to taste. Add another few drops of lime juice, to taste, if needed. Keep rice on warm mode, until ready to serve.
Serve Instant Pot Cilantro Lime Rice as side dish, or main dish with some other veggies or meats. Or use it as a base to create your own Chipotle meals at home.