In a large bowl, whisk together the lime juice, ¼ cup olive oil, minced garlic, salt, paprika, chili powder, cumin, and black pepper.
Add the flank steak to the marinade and toss until fully coated. Cover and refrigerate for 30 minutes to 1 hour.
Heat a large cast iron skillet over medium-high heat and add 1 tablespoon of olive oil.
Once the skillet is hot, add the steak and sear for 4–6 minutes per side, depending on thickness and your preferred doneness. For medium-rare, remove the steak when it reaches an internal temperature of 130–135°F.
Transfer the steak to a cutting board and let it rest for 10 minutes.
In the same skillet, reduce the heat to medium and add the remaining tablespoon of olive oil.
Add the sliced bell peppers and onion. Season lightly with salt and pepper and cook for 3–5 minutes, or longer if you prefer softer vegetables.
Slice the rested steak into thin strips against the grain at a slight angle.
Serve the steak and vegetables in warm flour tortillas with your favorite toppings such as sour cream, guacamole, pico de gallo, shredded cheese, fresh cilantro, and lime wedges.