Heat one tablespoon of olive oil in a large skillet over medium-high heat. Add the beef strips and sprinkle them with chili powder, cumin, paprika, salt, and black pepper. Cook for four to five minutes until the beef is browned on the outside but still tender inside. Remove the beef to a plate and set it aside.
Add the remaining tablespoon of olive oil to the same skillet. Place the sliced peppers and onion in the pan. Cook for five to six minutes, stirring now and then, until the vegetables soften and start to brown at the edges.
Stir the minced garlic into the vegetables and cook for one minute until it smells fragrant. Return the beef to the skillet along with any juices from the plate.
Pour the lime juice over the mixture and stir everything together. Cook for one more minute so the flavors blend. Turn off the heat.
Warm the tortillas separately in a dry pan or microwave. Serve the beef and vegetable mixture in the tortillas and sprinkle with fresh cilantro.