Combine chicken broth, picante sauce, green chiles, and lime juice in a multi-functional pressure cooker (such as Instant Pot®). Add chicken and sprinkle taco seasoning mix over the chicken. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 12 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the quick release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Select the keep warm setting. Transfer chicken to a cutting board and let cool for 10 minutes.

Shred chicken and return back to the pot for 3 minutes or until heated through.