01 - In a mixing bowl, combine the thinly sliced steak with olive oil, lime juice, chili powder, salt, black pepper, and minced garlic. Toss to coat evenly 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 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. Warm each flour tortilla briefly to make it pliable. Distribute the seared steak, sautéed vegetables, shredded mozzarella, and shredded cheddar evenly among the tortillas. Fold the sides inward, then roll each 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 on both sides.
06 - Slice each wrap in half diagonally and serve immediately. Offer salsa, sour cream, and chopped cilantro on the side for dipping and garnishing.