Soak the black-eyed peas for at least 3 to 4 hours. Drain and rinse the soaked black-eyed peas and keep them aside.
Start the Instant pot in saute mode.
Once it is hot, add oil, bay leaves, chopped garlic, chopped onions, and let them fry for a couple of minutes.
Now add chopped carrots, beans, tomatoes, and bell peppers.
Mix the veggies and let them cook for a couple of more minutes.
Then goes the spice powders - red chili powder, dried oregano, ground cumin, coriander powder, and salt.
Stir it well. Add drained black-eyed peas and water to the Instant pot inner pot.
Close the Instant pot with its lid and start it in manual or pressure cook mode. Pressure cook the soup for 8 minutes on HIGH pressure.
Once the instant pot finishes cooking, wait for 10 minutes and carefully release the pressure manually.
Stir it once, and the delicious vegetable black-eyed peas soup is ready to serve!