Heat oil in a multi-functional pressure cooker (such as Instant Pot(R)) on the Saute setting. Add ground turkey; cook and stir until mostly browned, about 5 minutes. Add salsa ranchera and stir to combine.
Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 15 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid.