Prep the steak: Pat the beef dry with paper towels.
Slice thinly against the grain for tenderness.
Make the marinade: In a large bowl, whisk soy sauce, oyster sauce, rice vinegar, cornstarch, brown sugar, garlic, ginger, black pepper, and 1 tablespoon oil until smooth.
Marinate: Add the sliced beef and toss to coat. Let sit 10–20 minutes while you prep the peppers and onion.
Preheat the air fryer: Set to 400°F (200°C) for 5 minutes. A hot basket helps sear the meat.
Toss the veggies: In a separate bowl, toss bell peppers and onion with a drizzle of oil and a pinch of salt and pepper.
Cook the beef: Shake off excess marinade and arrange beef in a single layer in the basket (work in batches if needed).
Air fry 5–7 minutes, shaking halfway, until browned on the edges and just cooked through. Transfer to a bowl and cover to keep warm.
Cook the veggies: Add peppers and onions to the basket. Air fry 5–7 minutes, shaking once, until crisp-tender with light char.
Combine and gloss: Return beef to the basket (or a skillet) with the veggies.
If you have leftover marinade, pour it into a small microwave-safe bowl and heat until it bubbles and thickens slightly (or simmer 1–2 minutes in a saucepan). Toss everything together so the sauce coats the steak and peppers.
Season and serve: Taste and adjust salt, pepper, or a splash of vinegar. Garnish with green onions or sesame seeds.
Serve over steamed rice, cauliflower rice, or noodles.