In a wide, shallow dish, stir together 1 tablespoon oil, 2 teaspoons chili powder, ½ teaspoon cumin (and/or ¼ teaspoon granulated garlic), ¾ teaspoon salt and ½ teaspoon pepper. Add the steak and rub the seasonings into all sides.

In a 12-inch skillet over medium-high, heat 2 tablespoons oil until barely smoking. Add the steak, reduce to medium and cook, undisturbed, until well browned, about 1 minute. Flip and cook until well browned on the second sides, another 2 minutes. Transfer to a large plate and wipe out the skillet.

In the same skillet over medium-high, heat the remaining 1 tablespoon oil until shimmering. Add the bell peppers and onion; cook, stirring, until beginning to wilt, about 5 minutes. Add the remaining 1 teaspoon chili powder, the remaining ½ teaspoon cumin (and/or the remaining ¼ teaspoon granulated garlic) and ¼ teaspoon each salt and pepper; cook, stirring, until fragrant, about 1 minute. Remove the pan from the heat.

Transfer the steak to a cutting board and slice it against the grain about ¼ inch thick. Add the steak and accumulated juices to the vegetables in the skillet. Cook over medium-high, stirring and tossing, until the juices have cooked off, 1 to 2 minutes. Off heat, stir in the lime juice, then taste and season with salt and pepper. Serve with lime wedges.

Optional garnish: Chopped fresh cilantro OR sour cream OR pico de gallo OR a combination