Trim any excess fat or skin flaps from the chicken thighs, then pat them dry with paper towels—this helps the skin brown properly. In a small bowl, combine salt, black pepper, paprika, oregano, and onion powder. Generously season both sides of each chicken thigh with this spice mixture, making sure to coat the skin evenly. I like to season the chicken a few minutes before cooking so the flavors can start to penetrate the meat.
Set your Instant Pot to sauté mode and let it preheat for 2-3 minutes until the bottom shows a heat indicator. Add the olive oil and butter, swirling together until the butter is melted and foaming. Place the chicken thighs skin-side down and let them cook undisturbed for 2-3 minutes until the skin is golden and crispy. Flip each thigh and cook the other side for 1 minute to lightly brown the flesh, then transfer the chicken to a clean plate and turn off the sauté function.
Pour the 1 cup of water into the pot and use a wooden spoon or spatula to scrape up all the browned bits (called fond) stuck to the bottom—this is pure flavor that will enrich your sauce. Add the freshly minced garlic and stir it into the liquid, letting it bloom for a few seconds in the residual heat. Place the trivet (metal rack) into the pot, then arrange the seared chicken thighs skin-side up on top of the trivet so they sit above the liquid and steam gently.
Close the lid of your Instant Pot and make sure the valve is set to the sealing position. Press manual (or pressure cook) and set the timer for 12 minutes on high pressure. The pot will take a few minutes to build pressure before the timer starts counting down. Once the cooking time is complete, allow the pressure to release naturally for 5 minutes—this keeps the chicken moist and tender—then carefully turn the valve to venting and let any remaining steam escape.
Carefully remove the chicken thighs and place them on a serving platter to rest for a few minutes—this helps the juices redistribute throughout the meat and keeps it incredibly juicy. Pour the cooking liquid from the pot into a measuring cup (you should have about 1 cup); set the Instant Pot back to sauté mode. In a small bowl, whisk together the cornstarch and cold water until completely smooth with no lumps—I always use cold water for the cornstarch because hot water will cause it to clump immediately. Slowly pour the cornstarch mixture into the simmering liquid while stirring constantly until the sauce thickens into a smooth, glossy consistency, about 2-3 minutes.
Pour the thickened sauce over the rested chicken thighs and serve immediately while everything is warm. The combination of tender, juicy chicken with crispy skin and rich, savory sauce makes for an incredibly satisfying meal.