Trim the tough ends off the bottoms of the asparagus spears.
Place 1 cup of water in the Instant Pot. Add the steamer basket and fill it with the asparagus. Cover the pot and turn the knob to Sealing. Set to manual high pressure for 0 minutes. The asparagus will be cooked during the time the pot comes to pressure.
As soon as the pot beeps after the 0 minute cook time, do a quick release by carefully turning the valve to Venting. Use a pot holder and protect your hand while turning the valve so you don’t get burned by the steam. Remove the steamer basket with the asparagus from the pot immediately to keep it from over-cooking.
Place the asparagus on a serving platter. Drizzle the olive oil and lemon juice over the asparagus, and sprinkle with salt and pepper. Serve immediately.