Preheat your oven to 450°F and line a large sheet pan with parchment paper or foil for easy cleanup.
In a large bowl, whisk together olive oil, lime juice, chili powder, cumin, minced garlic, salt, and pepper.
Add the steak strips to the bowl and toss to coat evenly with the marinade. Let sit for 5 minutes while you prep the veggies.
Arrange the sliced bell peppers and onion wedges on the prepared sheet pan. Drizzle with a little extra olive oil and season with salt and pepper.
Add the marinated steak strips to the pan, spreading everything out in a single layer for even cooking.
Roast for 15-20 minutes, stirring once halfway through, until the steak is cooked to your liking and the veggies are tender with slightly charred edges.
Remove from oven, squeeze a bit more fresh lime juice over everything, and garnish with cilantro. Serve with rice, tortillas, or enjoy as is!