Start by heating a tablespoon of olive oil in the skillet over medium-high heat until shimmering and just beginning to smoke. Add the sliced bell peppers and onion rings, then sauté for 5-7 minutes, stirring occasionally, until they develop slight char and become tender with some crisp edges.
In the meantime, combine the cumin, chili powder, black pepper, and a pinch of salt in a small bowl. Rub this spice mixture all over the thinly sliced flat iron steak.
Push the cooked vegetables to one side of the skillet and add another tablespoon of olive oil if needed. Place the seasoned steak slices into the hot pan in a single layer.
Sear the steak slices for 2-3 minutes without disturbing, until they develop a brown crust. Flip and cook for another 2-3 minutes until just cooked through and slightly caramelized.
Add the minced garlic to the pan with the steak and vegetables, stirring quickly to release its aroma for about 30 seconds. Ensure everything is well combined and heated through.
Remove the skillet from heat once the steak is juicy and cooked to your desired doneness. Transfer the mixture onto a serving platter or warm tortillas.
Serve immediately with your preferred toppings like salsa, sour cream, or chopped cilantro for a complete meal.