Rinse chicken and pat dry. Insert lemon wedges inside the cavity.
Turn on a multi-functional pressure cooker (such as Instant Pot(R)) and select Saute function. Mix olive oil, salt, garlic powder, paprika, and pepper in a bowl. Rub top part of chicken with 1/2 of the spice mixture. Place the chicken, breast side down, and cook until crispy, 3 to 4 minutes.
Rub remaining spice mixture on the bottom side of the chicken. Flip chicken over with tongs and cook for 1 minute more.
Remove chicken from the pot. Place trivet inside the pot; place chicken back in the pot, breast side down on the trivet, and pour in chicken broth. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 20 minutes. Allow 10 to 15 minutes for pressure to build. Release pressure using the natural-release method according to manufacturer's instructions, 10 to 40 minutes.