Heat a 4-qt instant pot using SAUTE function. Add olive oil and swirl to coat bottom. Add onion, celery, and carrot and saute several minutes, stirring occasionally until vegetables are tender.
Add garlic, wild rice, and white rice to instant pot and saute 2-3 minutes until rice is slightly toasted. Add bay leaf, thyme sprigs, and chicken broth to instant pot and turn SAUTE function off.
Lock instant pot lid into place and set vent to closed. Cook rice at high pressure 12 minutes, then turn off instant pot and let steam release naturally 10 minutes.
Unlock instant pot lid and discard bay leaf and thyme sprigs from pot. Fluff pilaf with a fork and toss in cranberries, pecans, and parsley. Season pilaf with salt and pepper to taste and serve warm. Enjoy!