In a mixing bowl, combine the grape jelly and chili sauce. Stir until well combined and the jelly is fully dissolved.
Pour 1 cup of water into the bottom of the Instant Pot.
Place the frozen meatballs into the Instant Pot, spreading them out evenly.
Pour the grape jelly and chili sauce mixture over the meatballs.
Close the lid and set the valve to sealing. Cook on high pressure for 10 minutes.
Perform a quick release of the pressure by turning the valve to the venting position.
Carefully open the lid and stir the meatballs to coat them in the sauce. Serve hot.
