Set the Instant Pot to sauté mode and add the olive oil. Once hot, add the onion and cook for 3 minutes until it softens.
Stir in the garlic, ginger, and turmeric. Cook for 1 minute until the spices smell fragrant.
Add the carrots, red lentils, vegetable broth, salt, and black pepper. Stir everything together.
Cancel sauté mode, secure the lid, and set the valve to sealing. Cook on manual high pressure for 10 minutes.
Allow a natural pressure release for 10 minutes, then quick release any remaining pressure. Open the lid and stir the soup.