Cook the ground beef in the pressure cooker over medium high heat until brown and crumbly.
Remove beef and drain excess grease.
Add olive oil, onion, bell pepper and jalapeno pepper to pressure cooker.
Cook on medium high heat, stirring, for 3 or 4 minutes, until the onion is translucent.
Add garlic, cook and stir a few times.
Return the meat to the pressure cooker, add the kidney beans, diced tomatoes, tomato paste, brown sugar, cocoa powder, chili powder, cumin, salt, water and red pepper flakes (if using).
Place lid on pressure cooker and lock. Bring cooker up to pressure, 15 psi.
Reduce heat to maintain pressure and cook for 8 minutes.
Remove cooker from the heat and allow to cool on its own, 5 to 10 minutes.
When pressure is fully released, remove lid, stir chili, and serve.