Combine ingredients to make the dressing in a jar. Shake well and set aside.
Prepare the black-eyed peas by making sure that there are no stones or debris among the dried peas. Place the peas in the Instant Pot and add water.
Cook on Manual Pressure for 18 minutes.
When the peas have finished cooking, turn the valve to quick release.
Drain the peas and allow them to cool.
Once the peas have cooled, place them in a large bowl and toss with the chopped bell peppers, red onion, tomatoes, cilantro, and dressing.
Chill the caviar.
Serve with tortilla chips or dig in with a spoon.
Video
Notes
You can substitute 2 cans of black-eyed peas for the dried peas and water. Just be sure to drain and rinse the peas before tossing with the veggies and dressing.