Press the “Sauté” button on the programmable electric pressure cooker. Add the olive oil and butter to the pot.
When the butter has melted, add the shallot. Sauté until softened but not browned, about 3 minutes. Add the rice to the pot and sauté for another few minutes, until the grains have gone from translucent to opaque white.
Add the wine and lemon juice and stir everything to combine. Continue to cook on the “Sauté” setting just until the liquid has evaporated, about 5 minutes. Add the chicken broth and stir to combine, making sure all of the rice is submerged in the broth.
Place the lid on the pressure cooker. If your pressure cooker has a manual steam release knob, make sure it is set to its “Seal” setting. If your pressure cooker has a “Risotto” setting, select that preset. Otherwise, program its “Manual” setting to cook at high pressure for 7 minutes.
When the timer goes off, perform a quick pressure release. If your pressure cooker has a manual steam release knob, place a damp towel over the knob and quickly turn it to release the pressure. When the pressure has fully released, open the pot and stir in the peas. Serve immediately, garnished with Meyer lemon zest.