In a small bowl, whisk together chili powder, cumin, garlic powder, onion powder, smoked paprika, salt, and pepper to create the fajita seasoning.
In a large mixing bowl, toss the sliced steak with 1 tablespoon of olive oil and half of the prepared spice blend.
Heat a heavy cast-iron skillet over high heat. Add the steak in a single layer and sear for 2-3 minutes until browned and charred. Remove steak from skillet and set aside.
Lower heat to medium-high and add the remaining 1 tablespoon of olive oil to the same skillet.
Add bell peppers and onions to the skillet. Sauté for 5-7 minutes until the vegetables are tender-crisp and slightly charred.
Stir in the remaining spice blend and return the cooked steak to the skillet, tossing to combine and heat through.
In a separate pan over medium heat, sauté the cauliflower rice for 3-5 minutes until tender and moisture has evaporated.
Distribute the cauliflower rice evenly among four bowls and top with the steak and vegetable mixture.
Garnish with fresh cilantro and serve with lime wedges.