Prep the steak: Pat the steak dry and slice it thinly against the grain. This is key for tenderness.
Mix the marinade: In a bowl, whisk 1 tablespoon olive oil, lime juice, chili powder, cumin, paprika, garlic powder, onion powder, oregano, salt, and pepper.
Marinate: Toss the sliced steak in the marinade until coated.
Let it rest for 15–30 minutes at room temperature. If longer, refrigerate up to 2 hours, then bring to room temp before cooking.
Prep veggies: In a separate bowl, toss peppers and onions with the remaining 1 tablespoon olive oil and a pinch of salt and pepper.
Preheat the air fryer: Set to 400°F (200°C) for 3–5 minutes. A hot basket helps get that light char.
Cook the veggies: Add peppers and onions in an even layer.
Air fry at 400°F for 7–9 minutes, shaking halfway, until crisp-tender with a few browned edges. Transfer to a bowl and cover to keep warm.
Cook the steak: Add the marinated steak to the basket in a single layer (work in batches if needed). Air fry at 400°F for 5–7 minutes, shaking or tossing once, until the edges are browned and the centers are just pink.
Combine: Return the cooked veggies to the basket with the steak.
Air fry 1–2 minutes more to warm everything together and mingle the flavors.
Warm tortillas: Wrap tortillas in a damp paper towel and microwave 20–30 seconds, or wrap in foil and heat in a 300°F oven for 5–8 minutes.
Serve: Pile steak and veggies into tortillas. Finish with lime wedges and favorite toppings. Taste and adjust salt if needed.