01 - In a mixing bowl, combine the thinly sliced steak with olive oil, lime juice, chili powder, salt, black pepper, and minced garlic. Toss thoroughly to coat every piece and set aside to marinate while preparing the remaining ingredients.
02 - Heat a large skillet over medium-high heat and add a light coating of oil. Sear the marinated steak slices for 1 to 2 minutes per side until a golden-brown crust forms but the meat remains juicy. Transfer the steak to a plate and set aside.
03 - In the same skillet, add the sliced red onion and both bell peppers. Sauté for 4 to 5 minutes, stirring occasionally, until the vegetables soften and begin to caramelize. Remove from heat and set aside.
04 - Wipe the skillet clean. Briefly warm each flour tortilla to make it pliable. Divide the seared steak, sautéed vegetables, shredded mozzarella, and shredded cheddar evenly among the tortillas. Fold the sides inward, then roll each tortilla tightly into a secure wrap.
05 - Heat vegetable oil in the skillet over medium heat. Place the assembled wraps seam-side down and cook for 2 to 3 minutes per side until the tortillas turn golden brown and crispy.
06 - Slice each crispy wrap in half and serve immediately. Accompany with salsa, sour cream, or fresh chopped cilantro if desired.