Add oil and butter into cooking pot. Keep the lid open and select SEAR program.
Add the onion and pancetta; cook and stir 10 minutes or until pancetta is browned. Add the rice and stir to coat. Add chicken stock, lemon juice, and peas; stir well. Close and lock the lid. Select RICE program and Timer 5 minutes.
Once the timer beeps 3 times to indicate the end of cooking, manually release pressure by pressing on the steam release button for about 5 seconds . The steam release process will take about 4 to 5 minutes.
Stir in cheese, salt, and pepper. Serve hot.