Set the Instant Pot to sauté and add the olive oil. Cook the onion and garlic for 3 minutes until softened.
Add the beef cubes and brown on all sides, about 5 minutes.
Stir in the turmeric and carrots, then cook for 1 minute to coat everything.
Add the rinsed red lentils and beef broth. Cancel sauté mode, secure the lid, and set to high pressure for 25 minutes.
Allow a natural pressure release for 10 minutes, then quick release any remaining pressure.
Stir in the coconut milk and season with salt and pepper. Switch to sauté for 3 minutes to warm through.
Ladle into bowls and top with fresh cilantro before serving.