Trim and cut asparagus into 1-inch pieces, then finely dice the onion into 1/4-inch pieces and mince the garlic. Heat olive oil in your Instant Pot on the sauté setting until shimmering. Add the diced onion and cook for 3-5 minutes, stirring occasionally, until softened and translucent. Stir in the minced garlic and cook for 1 minute more until fragrant. This aromatic base builds the foundation of flavor for the entire dish.
Add the arborio rice to the pot with the aromatics and stir constantly for 1-2 minutes to lightly toast the rice. This toasting step helps each grain maintain its structure during cooking. Pour in the dry white wine and stir until the liquid is mostly absorbed (about 1 minute), then add 1/4 cup of the vegetable broth and scrape the bottom of the pot with a wooden spoon to release any flavorful browned bits. Add the remaining broth, lemon juice, butter, and salt, stirring well to combine.
Close the Instant Pot lid and set the valve to sealing. Cook on high pressure for 6 minutes. While the risotto cooks, this is a good time to prepare any garnishes you'd like. When the timer beeps, carefully switch the pressure valve to venting to quick-release all pressure.
Once pressure has fully released and you've removed the lid, switch the Instant Pot back to sauté mode. Add the cut asparagus pieces and cook for 3-5 minutes, stirring gently, until the asparagus is tender-crisp. I like to keep the asparagus slightly firm so it doesn't disappear into the creamy risotto. Stir in the freshly grated parmesan cheese and 1/4 tsp freshly cracked black pepper until the cheese melts completely and coats each grain of rice (about 1 minute).
Divide the risotto among serving bowls. Top each portion with additional grated parmesan and a sprinkle of fresh lemon zest for brightness and visual appeal. Serve immediately while the risotto is creamy and warm.