Season chicken with salt and pepper on both sides. Set Instant Pot to Sauté function and add 2 tablespoons olive oil. Add chicken and cook until golden, about 3 minutes. Then flip and cook for another 3 minutes more. Work in batches as necessary. Turn Instant Pot off of Sauté function.
In a medium bowl, whisk together remaining 1/4 cup olive oil, soy sauce, honey, sesame oil, garlic, lime juice, green onions, and pinch of red pepper flakes. Place chicken in Instant Pot and pour sauce over. Lock lid and set to Pressure Cook on High for 10 minutes.
Quick release, making sure to wait until cycle is completely before, unlocking and removing lid. Using tongs, remove chicken from Instant Pot and set on plate to keep warm.
Ladle out about 1/4 cup of sauce from Instant Pot and whisk in cornstarch. Pour liquid back into Instant Pot and set to Sauté function. Let sauce simmer until thickened slightly, about 5 minutes.
Pour sauce over chicken, and garnish with green onions, and serve over rice.