Season the chicken pieces with the salt and black pepper; set aside.
Set the Instant Pot to Sauté and heat the vegetable oil until shimmering.
Add the yellow curry paste to the hot oil and sauté, stirring, for 2 to 3 minutes until fragrant.
Add the seasoned chicken, coconut milk, sliced onion, diced carrots, and diced potatoes to the pot; stir to combine. If the mixture looks very thick, add up to 1 cup of chicken stock.
Secure the lid and set the valve to sealing. Cook on High Pressure for 9 minutes.
Release the pressure using a quick release or natural release, then open the lid carefully.
Stir the curry, adjust seasoning if needed, and serve hot with rice.