Step 1: Prepare the Marinade. In a medium bowl, whisk together 1 tablespoon of olive oil, lime juice, chili powder, cumin, smoked paprika, garlic powder, onion powder, dried oregano, salt, and black pepper.
Step 2: Marinate the Steak. Place the thinly sliced steak in a large resealable bag or shallow dish and pour the marinade over it. Toss to coat evenly. Refrigerate for at least 30 minutes, or up to 4 hours for deeper flavor.
Step 3: Prepare the Vegetables. Slice the bell peppers and onion into thin strips, similar in size to your steak strips.
Step 4: Cook the Steak. Heat the remaining 1 tablespoon of olive oil in a large skillet or cast-iron pan over medium-high heat until shimmering. Remove the steak from the marinade, shaking off any excess. Add half of the steak to the hot pan in a single layer (do not overcrowd). Cook for 2-3 minutes per side until beautifully seared and slightly charred. Transfer the cooked steak to a plate and cover loosely with foil. Repeat with the remaining steak.
Step 5: Sauté the Vegetables. Add the sliced bell peppers and onions to the same pan. Sauté for 5-7 minutes, stirring occasionally, until they are crisp-tender and slightly caramelized.
Step 6: Combine and Serve. Return the cooked steak to the pan with the vegetables. Toss everything together to combine and heat through for about 1 minute. Squeeze an additional splash of fresh lime juice over the mixture just before serving.
Step 7: Warm the Tortillas. Warm your tortillas in a dry skillet, oven, or microwave until soft and pliable.