Press the sauté button, add the oil and allow the pot to heat up for a minute. Then add the ground lamb, onion, serrano pepper, garlic to the pot. Cook until the lamb is no longer pink.
Add the paprika, salt, black pepper and cayenne and mix well.
Add the drained rice and 1 cup of water to the pot and mix well.
Secure the lid, close the pressure valve and cook for 6 minutes at high pressure.
Naturally release pressure for 10 minutes. Open the valve to release any remaining pressure.
Stir in the sundried tomatoes and fresh basil. Once the tomatoes are warmed through and the basil wilts, serve.