Preheat your oven to 400°F (200°C).
In a large mixing bowl, combine olive oil, chili powder, cumin, smoked paprika, garlic powder, onion powder, salt, and black pepper. Mix well to create a marinade.
Add the flank steak to the bowl and coat it evenly with the marinade. Allow it to marinate for at least 10 minutes (or up to 1 hour in the refrigerator).
While the steak is marinating, prepare the vegetables. Slice the bell peppers and onion into thin strips.
Line a sheet pan with aluminum foil for easy cleanup (optional). Spread the sliced bell peppers and onion evenly across the pan.
Remove the steak from the marinade and place it on top of the vegetables on the sheet pan.
Roast in the preheated oven for 15-20 minutes, or until the steak reaches your desired level of doneness (135°F for medium-rare).
Once cooked, remove the pan from the oven. Allow the steak to rest for about 5 minutes before slicing it against the grain into thin strips.
Toss the cooked vegetables gently with the steak juices on the pan and serve everything on warm tortillas.
Garnish with fresh cilantro and serve with lime wedges for added flavor.