Add all the ingredients to the Instant Pot (you don’t need to previously soak the beans) and stir.
Place the lid on your Instant Pot, set the valve to the “sealing” position, press the “pressure cook” or “manual” button, and set the pressure to high. Then cook for 40 minutes.
Natural release for 10-15 minutes and then carefully move the valve to the “venting” position and let the pressure release completely.
Remove the lid from the Instant Pot and drain the beans but don’t discard the liquid.
Mash the beans using a potato masher or an immersion blender. For a chunky texture, use a potato masher, but for a smooth texture, use an immersion blender (I prefer to use an immersion blender, but it’s up to you!).
Add ½ cup (120 ml) of the reserved cooking liquid and stir to combine. Continue adding the cooking liquid a little at a time until you get your desired consistency. Keep in mind they’ll thicken as they sit.
Keep the leftovers in an airtight container in the fridge for up to 1 week.
This Instant Pot refried beans recipe calls for traditional American chili powder, not cayenne. Cayenne and international chili powders are usually incredibly spicy. So if you live outside of the United States, please keep that in mind. If you can only find cayenne, add it to taste.
Omit the chili powder if you’re not into spicy food.
Feel free to add any veggies, spices, or herbs you want.