In a small bowl, whisk together chili powder, cumin, garlic powder, smoked paprika, salt, and black pepper.
In a large mixing bowl, toss the chicken strips with 1 tablespoon of olive oil and half of the spice seasoning blend.
In a separate bowl, toss the sliced bell peppers and onions with the remaining 1 tablespoon of olive oil and the rest of the spice blend.
Heat a large cast-iron skillet or heavy-bottomed pan over medium-high heat until wisps of smoke appear.
Add the chicken strips to the skillet in a single layer and cook undisturbed for 2 minutes to sear. Stir and cook for an additional 2-3 minutes until the internal temperature reaches 165°F (74°C). Remove chicken and set aside.
Add the peppers and onions to the same skillet. Sauté for 4-5 minutes, stirring occasionally, until the vegetables are tender-crisp and slightly charred.
Return the cooked chicken to the skillet, drizzle with lime juice, and toss everything together for 30 seconds to incorporate flavors.
Serve immediately with warmed tortillas and optional toppings such as sour cream or cilantro.