Prepare the Marinade: In a medium-sized mixing bowl, whisk together the olive oil, fresh lime juice, minced garlic, chili powder, smoked paprika, ground cumin, onion powder, cayenne pepper, kosher salt, and black pepper.
Marinate the Steak: Add the thinly sliced steak to the bowl, tossing well to ensure every piece is thoroughly coated in the spicy marinade. Cover the bowl with plastic wrap and let it sit at room temperature for 30 minutes. (If marinating longer, place in the refrigerator for up to 4 hours, but let it rest at room temperature for 15 minutes before cooking).
Sizzle the Vegetables: Heat a large cast-iron skillet over medium-high heat. Add 1 tablespoon of avocado oil. Once the oil is shimmering and hot, add the sliced bell peppers and onions. Cook for 5-7 minutes, stirring only occasionally to allow the vegetables to develop charred, blistered edges. Once softened and slightly charred, remove the vegetables to a clean plate.
Sear the Steak: Return the skillet to the high heat and add the remaining 1 tablespoon of oil. Working in batches so you don't overcrowd the pan, use tongs to add the steak slices in a single layer (discarding excess marinade). Let the steak sear untouched for 1-2 minutes to develop a crust. Flip and cook for another 1-2 minutes until beautifully browned.
Combine and Serve: Once all the steak is cooked, return the cooked vegetables to the skillet with the beef. Toss everything together for 1 minute until warmed through and sizzling.
Garnish and Plate: Remove the skillet from the heat immediately. Serve straight from the hot skillet alongside warmed tortillas, sour cream, fresh cilantro, and lime wedges.