Prepare the steak:
Season the sliced steak with salt, pepper, chili powder, cumin, smoked paprika, garlic powder, onion powder, and cayenne pepper (if using). Toss to coat the steak evenly with the seasoning.

Sear the steak:
Heat 1 tablespoon of olive oil in a large skillet or sauté pan over medium-high heat. Once hot, add the seasoned steak in a single layer, cooking for 2-3 minutes on each side until browned but not fully cooked through. Remove the steak from the skillet and set it aside.

Sauté the veggies:
In the same skillet, add the remaining tablespoon of olive oil. Add the sliced onion and bell pepper, and sauté for 4-5 minutes until the veggies are softened and slightly charred.

Cook the rice:
Add the rinsed rice to the skillet with the veggies and stir to combine. Let the rice toast for 1-2 minutes, stirring occasionally.

Add liquids and simmer:
Pour in the chicken broth and diced tomatoes, stirring to combine. Bring to a simmer, then cover the skillet with a lid. Reduce the heat to low and cook for 12-15 minutes, or until the rice is cooked through and has absorbed most of the liquid. If necessary, add more broth or water during cooking if the rice is not tender.

Return the steak:
Once the rice is cooked, return the cooked steak to the skillet, stirring it into the rice and veggie mixture. Cover again and let everything warm through for another 2-3 minutes.

Finish and serve:
Remove the skillet from the heat and squeeze the lime juice over the top. Garnish with fresh cilantro and serve with lime wedges and your favorite toppings such as sour cream, guacamole, shredded cheese, or jalapeños.