In a small bowl, combine seasoning (Lawry’s seasoning salt, thyme, pepper); sprinkle evenly over beef stew meat, toss to coat the pieces.
Using your Instant Pot sauté function, add the vegetable oil. When hot, brown the seasoned beef stew meat for 2 minutes. Turn the meat over and cook an additional 2 minutes. Remove the browned meat to a bowl and set aside.
Turn the sauté function off; carefully pour the beef broth and water into the Instant Pot insert. Add the tomato paste and stir to combine; add the quartered onion pieces and the browned stew meat.
Place lid on the Instant Pot and cook on Manual Mode. Use the HIGH pressure button for 20 minutes. Let it natural release for 10 minutes, then use the quick release.
Add the chopped potatoes and carrots, stir and place the lid back on. Cook on Manual Mode, using the HIGH pressure button for 12 additional minutes.