Add lima beans to a bowl and cover with cool water by about 3 inches (ensuring they’re well submerged). Soak overnight, or for at least 6-8 hours at room temperature.
Drain lima beans, then add to the Instant Pot. Add water and stir to prevent sticking. Pressure cook on high for 7 minutes (it will take about 8 minutes for the Instant Pot to pressurize before cooking begins).
Once the timer goes off, allow to naturally release for 15 minutes, then release any remaining pressure. Carefully remove lid once steam has fully escaped and strain off any excess cooking liquid.
Enjoy immediately in stews, soups, salads, and more. Store cooled leftovers in the refrigerator up to 5 days or in the freezer up to 1 month. Reheat in a saucepan on the stovetop, adding a little water, as needed, to prevent sticking.
*Nutrition information is a rough estimate. *Total time includes active cook time, release time, and the time it takes for the Instant Pot to heat up (~8 minutes). *Prep time does not include soaking beans.