Trim chicken thighs of excess fat. Season with lemon pepper seasoning.
PRESS the SAUTE mode button on the Instant Pot. When HOT appears on the display, add oil and heat with the Instant Pot lid open.
Arrange chicken in a single layer with skin side down. Cook for about 1 to 2 minutes or until lightly browned and then turn to cook for another 1 to 2 minutes.
Drain excess oil from the Instant Pot. Add garlic and cook, stirring as needed, for about 20 to 30 seconds or until aromatic.
In a small bowl, combine lemon juice, lemon zest, honey, water, and soy sauce. Stir until well blended and pour over chicken.
Press KEEP WARM/CANCEL button. Close and lock the lid, making sure the floating valve is set on SEALING. Press the POULTRY button, use the plus and minus buttons to adjust the cooking time to 12 minutes.
Once done, use quick release by pressing CANCEL and then turning the steam floating valve on the lid to VENTING position. Open lid.
To reduce the sauce, press the SAUTE button and cook, with the lid open, for about 2 to 3 minutes or until sauce is reduced. Alternatively, add corn starch slurry and cook using SAUTE mode for about 1 to 2 minutes or until sauce is thickened.