Set your pressure cooker to saute mode, and add oil to the inner pot. Add the onions, bell pepper, and garlic to the pot, and saute for about 3 minutes.
Add the bay leaf and spices.
Add the black beans and water, stirring to deglaze and incorporate the flavorful veggie bits from the bottom of the pot into the beans.
Cancel saute mode, then close the lid, making sure the vent is set to sealing. Set the pot to manual or pressure cook mode on high pressure and increase the cook time to 35 minutes.
When the cook time is finished, let the pressure release naturally. When the pressure has fully released, remove the lid of the pressure cooker, then gently stir the beans.
Add lime juice and garnish with cilantro. Enjoy!